Wood Corporation was a C corporation in 2017 but elected to be taxed as an S corporation in 2018. At the end of 2017, its earnings and profits were $15,500. The following table reports Wood’s (taxable) income for 2018 (its first year as an S corporation).

Wood Corporation Income Statement December 31, 2018

Sales revenue....................................$150,000

Cost of goods sold............................(35,000)

Salary to owners...............................(60,000)

Employee wages...............................(50,000)

Depreciation expense......................(4,000)

Miscellaneous expenses..................(4,000)

Interest income.................................8,000

Qualified dividend income...............2,000

Overall net income...........................$7,000

What is Wood Corporation’s excess net passive income tax for 2018?