Translation:The dog is nice.
읍니다 is another possibility--빠릅니다. 바쁩니다
합니다 is ordinarily used with a sino-Korean noun (word of Chinese origin.) If the verb can also be a noun, 합니다 is the most polite speech form used, but 해요 is far more common.
공부합니다 = to study
and it can also be 공부를 합니다 = to do study
This is the case for many many verbs 운전하다, 식사하다, 운동하다 just to name a few.