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SNL corporation, a C corporation, reports $400,000 of taxable income in the current year, SNL's tax rate is 35 percent. Answer the following problems, assuming Keegan, SNL's sole shareholder, has a marginal tax rate of 39.6 percent on ordinary income and 20 percent on dividend income.

a. Compute the first level of tax on SNL's taxable income for the year.

b. Compute the second level of tax on SNL's income assuming SNL currently distributes all of its after-tax earnings to Keegan. What is the overall (combined owner and entity level) tax rate on SNL's taxable income for the year?

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