Use the marginal tax rate chart to answer the question.


Marginal Tax Rate Chart
Tax Bracket Marginal Tax Rate
$0–$10,275

10%

$10,276–$41,175

12%

$41,176–$89,075

22%

$89,076–$170,050

24%

$170,051–$215,950

32%

$215,951–$539,900

35%

> $539,901

37%



Determine the amount of taxes owed on a taxable income of $38,520.
$3,852.00
$4,416.90
$4,622.40
$8,474.40