The Tax Cuts and Jobs Act (TCJA) reforms income taxes for both individuals and corporations. TCJA lowers the corporate income tax rate to 21% flat tax rate, beginning in 2018. In 2018, if a firm has $450,000 taxable income, what is its tax liability? [Hint: This question is similar to Chapter 2 PowerPoint Slide #32 example.) a b OOOO $99,000 594,500 590,000 $85,500