After all revenue and expense accounts, other than Income Tax Expense, have been extended to the Income Statement section of the worksheet of Carlton Corporation, the net income is determined to be $75,000. Using the following corporate income tax rates, compute the corporation's federal income taxes payable. (Assume that the firm's taxable income is the same as its income for financial accounting purposes.)

Taxable Income	Tax Rate
First $50,000	15%
Next $25,000	25%
Next $25,000	34%
Next $235,000	39%
Over $335,000	See IRS Publication

$7,500

$13,750

$18,750

None of the above