Baltimore Inc. reported pretax GAAP income of \(\$ 45,000\) in 2020 . In analyzing differences between GAAP income and taxable income, the company determined that it had deducted \(\$ 5,000\) in nondeductible fines and added \(\$ 2,800\) in tax-exempt municipal interest revenue to GAAP income. Given a statutory tax rate of \(25 \%\), determine the following.

a. Taxable income

d. Net income

b. Income tax payable

e. Effective tax rate

c. Income tax expense