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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
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 $127,000. He is entitled to
a $6000 tax credit. The taxes owed are ____?
Tax Rate | Head of Household | |
---|---|---|
10% | up to $13,350 | |
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 (per person) | $4050 |
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