Use the marginal tax rates in the table below to compute the tax owed in the following situation. Paul is a head of household with a taxable income of $96,000. He is entitled to a $7500 tax credit. Head of Household up to $13,350 Tax Rate 10% 15% up to $50,800 25% up to $131,200 28% up to $212,500 33% up to $416,700 35% up to $444,550 39.6% above $444,550 Standard deduction $9350 Exemption $4050 (per person)