Assume that Nicole did some income projections to help her determine the taxable form of her business. She makes the following assumptions: CCS earns taxable income of $500,000 and all of the income is business income She is eligible for the full deduction for qualified business income on the flow-through income from CCS Her ordinary marginal tax rate is 37 percent and her dividend tax rate is 23.8 (her income is not subject to the net investment income tax). Given these assumptions, if Nicole organizes CCS as an S corporation, what would be the overall tax rate on CCS's income (corporate-level tax+ shareholder-level tax)/taxable income