17. This year, Anne's taxable income is $45,000. She receives an additional $550 in Canadian dividends from her mutual fund investments. The dividend gross-up is 138% and the federal dividend tax credit is 15.02%. Using the federal tax rates below, how much net federal tax will Anne pay on her dividend income? Level of Taxable Income First $43.561 Over $43.561 to $87.123 Over $87.123 to $135.054 Over $135,054 a. $52.98 b. $87.36 c. $121.00 d. $174.24 Federal Tax Rate 15% 22% 26% 29%
17. This year, Anne's taxable income is $45,000. She receives an additional $550 in Canadian dividends from her mutual fund investments. The dividend gross-up is 138% and the federal dividend tax credit is 15.02%. Using the federal tax rates below, how much net federal tax will Anne pay on her dividend income? Level of Taxable Income First $43.561 Over $43.561 to $87.123 Over $87.123 to $135.054 Over $135,054 a. $52.98 b. $87.36 c. $121.00 d. $174.24 Federal Tax Rate 15% 22% 26% 29%
Chapter1: Federal Income Taxation—an Overview
Section: Chapter Questions
Problem 43P
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT