As a forensic accountant for Facebook, Inc., you are tasked with analyzing the financial impact of a change in tax policy. The corporate tax rate has increased from 21% to 28%, effective January 1, 2024. The following information pertains to Facebook, Inc. for the fiscal year ending December 31, 2024:

• Income before taxes: $50,000,000
• Previous year’s tax expense: $10,500,000

Calculate the tax expense for the year 2024 and the net income after the tax policy change.