2023 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: $ 0 $ 11,000 $ 44,725 $ 95,375 $ 182,100 $231,250 $ 578,125 $ 11,000 $ 44,725 $ 95,375 $ 182,100 $ 231,250 $ 578,125 The tax is: 10% of taxable income $1,100 plus 12% of the excess over $11,000 $5,147 plus 22% of the excess over $44,725 $16,290 plus 24% of the excess over $95,375 $37,104 plus 32% of the excess over $182,100 $52,832 plus 35% of the excess over $231,250 $174,238.25 plus 37% of the excess over $578,125 Moana is a single taxpayer who operates a sole proprietorship. She expects her taxable income next year to be $250,000, of which $200,000 is attributed to her sole proprietorship. Moana is contemplating incorporating her sole proprietorship. (Use the tax rate schedule.) Required: a. Using the single individual tax brackets and the corporate tax rate, find out how much current tax this strategy could save Moana (ignore any Social Security, Medicare, or self-employment tax issues). b. How much income should be left in the corporation? Complete this question by entering your answers in the tabs below. Required A Required B Using the single individual tax brackets and the corporate tax rate, find out how much current tax this strategy could save Moana (ignore any Social Security, Medicare, or self-employment tax issues). Current tax saved