Instructions: Using the information provided about FMG Corp., calculate the total taxes paid and the overall tax rate on the corporate income and dividend. (1) Taxable Income Description (2) Corporate tax rate (3) Corporate-level tax (4) After tax earnings (5) After tax earnings to be distributed (6) Dividend tax rate 7) Shareholder-level tax on dividend (8) Total tax paid on corporate taxable income Overall tax rate on business income allocation Amount Explanation