3. Mr. Giorgiani, who owns "Via Gio" Road Construction Co. and runs it as a proprietorship, had a before-tax income last year of $150,000. His personal and family expenses are $30,000 and he has $10,000 in exemptions and deductions. If he paid himself a salary of $70,000 taxed at 23%, would it be advantageous for him to incorporate as a closely-held corporation, in terms of taxes paid. Explain your calculations. (Note: Consider Corporate Tax Rate 34%) (7 pts)