Nancy Smith is the sole shareholder and employee of White Corporation, a calendar year C corporation that is engaged exclusively in accounting services. During the current year, White has operating income of $320,000 and operating expenses (excluding salary) of $150,000. Further, White Corporation pays Nancy a salary of $100,000. The salary is reasonable in amount and Nancy is in the 32% marginal tax bracket (15% capital gains tax rate) irrespective of any income from White. Assuming that White Corporation distributes all after-tax income as dividends, how much total combined income tax do White and Nancy pay in the current year? Compute Nancy's tax on this income only, without considering any personal deductions such as her standard deduction and ignore any employment tax considerations. O $54,995 O $14,700 O $46,700 O None of the above. O $32,000