Use the 2016 marginal tax rates to compute the tax owed by the following couple.
A married couple filing jointly with a taxable income of $\$ 314,000$ and a $\$ 6500$ tax credit
(1) Click the icon to view the 2016 marginal tax rates.
The tax owed is $\$ \square$.
(Type an integer or a decimal. Round to the nearest cent as needed.)
Answer
The tax owed by the couple is \(\boxed{72533.0}\) dollars.
Step 1 ：Understand the 2016 marginal tax rates. The tax rates are progressive, meaning that the rate increases as the taxable income increases.
Step 2 ：Calculate the tax owed by applying the appropriate tax rate to each portion of the income that falls within each tax bracket, and then summing up these amounts.
Step 3 ：Subtract the tax credit from this total to get the final tax owed.
Step 4 ：The tax owed by the couple is \(\boxed{72533.0}\) dollars.
