Moana is a single taxpayer who operates a sole proprietorship. She expects her taxable income next year to be $250,000, of which $200,000 is attributed to her sole proprietorship. Moana is contemplating incorporating her sole proprietorship. (Use the tax rate schedule.) a. Using the single individual tax brackets and the corporate tax rate, find out how much current tax this strategy could save Moana (ignore any Social Security, Medicare, or self-employment tax issues). (Do not round your intermediate calculations. Round your final answer to two decimal places.) Current tax saved b. How much income should be left in the corporation? Income left Individuals Schedule X-Single If taxable income is over: But not over: $ 0 $ 9,950 $ 40,525 $ 86,375 $ 164,925 $209,425 $ 523,600 $ 9,950 $ 40,525 $ 86,375 $164,925 $209,425 $ 523,600 The tax is: 10% of taxable income $995 plus 12% of the excess over $9,950 | $4,664 plus 22% of the excess over $40,525 $14,751 plus 24% of the excess over $86,375 $33,603 plus 32% of the excess over $164,925 $47,843 plus 35% of the excess over $209,425 $157,804.25 plus 37% of the excess over $523,600