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- 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%K Mihir Shah received interest income of $3971.13 from his investments in 2023 in his taxable brokerage account. Calculate the amount of tax he will have to pay on this interest based on the following information: Gross-up percent Combined Federal and Manitoba Tax Rate on Ordinary Income Federal Dividend Tax Credit Manitoba Dividend Tax Credit Do not round intermediate calculations - do your work in Excel. Mihir will have to pay $ HOTED 38% 49.98% 15.0198% 8% of tax on this interest income (round to the nearest cent = $0.01)11. An investor received $100 in capital gains and $100 in dividends from a taxable Canadian Corporation. Assuming a 26% Federal Tax Bracket, what is the total amount of tax she'd have to pay from both sources of income? a) $23.15 b) $27.45 c) $30.65 d) $39.00
- Taxpayer Q has net taxable income of $30,000 from Country Y which imposes a 40 percent income tax. Inaddition to the income from Country Y, taxpayer Q has net taxable income from US sources of $120,000, and UStax liability, before the foreign tax credit, of $30,290. What is the amount of Q's foreign tax credit?a. $6,058b. $8,350c. $12,000d. $30,290e. None of the aboveTaxpayer Q has net taxable income of $30,000 from Country Y which imposes a 40 percent income tax. In addition to the income from Country Y, taxpayer Q has net taxable income from US sources of $120,000, and US tax liability, before the foreign tax credit, of $30,290. What is the amount of Q's foreign tax credit? a.$30,290 b.$12,000 c.$6,058 d.$8,350 e.None of these choices are correct.Adam Smith has taxable income of $37,500 for the current year His federal tax rate is 15%, while the corresponding provincial tax rate. Is 8.2%. Determine Mr. Smith’s combined federal and provincial tax payable before consideration of any available credit against tax payable.
- M Inc., a Canadian public corporation, carries on business across Canada. In the current year M Inc. has taxable income of $300,000. What is the amount of federal tax payable?A single individual that has 100,000 taxable income before dividends and is in the 28% marginal tax bracket, if that individual receives a qualified cash dividend of 1,000 the tax rate applied to the dividend would be 15%. What would be the tax liability for the individual? Note Tax tables 34,000 – 82,400 = 4,581.25 + (82,400 – 34,000) x 25%John has an income of 160000 , What would be his total tax liability based on the tax structure ? COMBINED INCOME TAX RATE (2019) albertafirst $47,630 25.00%over $47,630 up to $95,259 30.50%over $95,259 up to $131,220 36.00%over $131,220 up to $147,667 38.00%over $147,667 up to $157,464 41.00%over $157,464 up to $209,952 42.00%over $209,952 up to $210,371 43.00%over $210,371 up to $314,928 47.00%over $314,928 48.00% options: a) 67200 b) 50712 c) 47212 d) 57200
- Marc, a single taxpayer, he earns $60,000 in taxable income and $5,000 in interest from an investment in city of Birmingham bonds. U.S. tax rate schedule , what would be his effective tax rate? Round your final answer to two decimal places. 2023 Tax Rate Schedules IndividualsSchedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 11,000 10% of taxable income $ 11,000 $ 44,725 $1,100 plus 12% of the excess over $11,000 $ 44,725 $ 95,375 $5,147 plus 22% of the excess over $44,725 $ 95,375 $ 182,100 $16,290 plus 24% of the excess over $95,375 $ 182,100 $ 231,250 $37,104 plus 32% of the excess over $182,100 $ 231,250 $ 578,125 $52,832 plus 35% of the excess over $231,250 $ 578,125 — $174,238.25 plus 37% of the excess over $578,125 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 0 $ 15,700 10% of taxable income $ 15,700…If provincial tax rates are 16% on the first $40,100; 20% on the next $40,100; and 24% on any income after that. If a resident had income of $65,000 then determine the total tax paid. Select one: a. $11,396 b. $13,228 c. $13,988 d. $14,398 e. $13,288 ???O O O b. Taxable income of $120,000. (Do not round intermediary calculations. Only round the amount you input in the federal income tax payable cell to the nearest cent, SX.XX. Round all tax rates to the nearest hundredth percent, X.XX%.) Federal income tax payable Average tax rate Marginal tax rate Scenario b. INDER HONO % % c. Taxable income of $380,000. (Do not round intermediary calculations. Onk round the amount you input in the federal income tax payable cell to the nearest cent, SX.XX. Round all tax rates to the nearest hundredth percent, X.XX%.)