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 37% marginal tax bracket regardless of any income from White. Assuming that White Corporation distributes no dividends, how much total combined income tax do White and Nancy pay in the current year? (Ignore any employment tax considerations) (Show Computations Please)

a. $14,700

b. $37,000

c. $51,700

d. $61,500