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.