Use the table to calculate the tax owed. Round to the nearest cent. Table 8.1 2012 Marginal Tax Rates, Standard Deductions, and Exemptions Married Filing Married Head of Tax Rate Single Separately Filing Jointly Household 10% up to $8700 up to $8700 up to $17,400 up to $12,400 15% $8701 to $35,350 $8701 to $35,350 $17,401 to $70,700 $12,401 to $47,350 25% $35,351 to $85,650 $35,351 to $71,350 $70,701 to $142,700 $47,351 to $122,300 28% $85,651 to $178,650 $71,351 to $108,725 $142,701 to $217,450 $122,301 to $198,050 33% $178,651 to $388,350 $108,726 to $194,175 $217,451 to $388,350 $198,051 to $388,350 35% more than $388,350 more than $194,175 more than $388,350 more than $388,350 Standard Deduction $5950 $5950 $11,900 $8700 Exemptions (per person) $3800 $3800 $3800 $3800 a married couple filing jointly with a taxable income of $500,000 and a $5500 tax credit $173,075.00 $138,639.50 $142,213.14 $144,139.50