Use the marginal tax rates in the table below to compute the tax owed in the following situation. The tax owed is $ . (Type an integer or a decimal.) Paul is a head of household with a taxable income of $120,000. He is entitled to a $5500 tax credit. Tax Rate 10% 15% 25% 28% 33% 35% 39.6% Standard deduction Exemption (per person) Head of Household up to $13,350 up to $50,800 up to $131,200 up to $212,500 up to $416,700 up to $444,550 above $444,550 | $9350 $4050