Assume that Congress amends the tax law to provide for a maximum 20 percent rate on royaily income. Calculate the annual tax savings from this new preferential rate to each of the following taxpayers. Required: a. Ms. Able, who is in a 37 percent marginal tax bracket and recelves $8,000 royalty income each year. b. Mr. Bencic, who is in a 32 percent marginal tax bracket and recelves $15,000 royalty income each year. c. Mr. Christian, who is in a 10 percent marginal tax bracket and recelves $3.000 royalty income each yeat d. Mrs. Daughtry, who is in a 24 percent marginal tax bracket and receives $70,000 royalty income each year