Bob Loblaw and Wayne Jarvis get together to form a new corporation. They each own 50% of the stock. Neither is employed by the corporation. In the first year of operation, the corporation generates $1 million of taxable income and pays $100,000 in dividends ($50,000 each to Bob and Wayne). Assuming a 21% corporate tax rate and a 35% personal tax rate, how much corporate and personal tax will be paid? Corporate tax: Bob and Wayne each pay tax: