ZuoTi.Pro
Question

Accountancy

an individual receives interest income of $16,887 in 2019. the individual is in the top bracket and pays 33% federal tax on any additional income. the individual lives in a province where the provincial tax rate is a flat rate of 10% on all taxable income. the dividend tax credit in this individual's province of residence is 5/11 for eligible dividends and 5/13 for non-eligible dividends. what is the net tax payable associated with the receipt of this income?

0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Request Professional Answer

Request Answer!

We need at least 9 more requests to produce the answer.

1 / 10 have requested this problem solution

The more requests, the faster the answer.

Request! (Login Required)

All students who have requested the answer will be notified once they are available.
Know the answer?
Add Answer to:
Accountancy
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Similar Homework Help Questions

  • Mini-Case E: (1.5 marks-.5 marks each) Wang has an effective tax rate of 25%. He receives...

    Mini-Case E: (1.5 marks-.5 marks each) Wang has an effective tax rate of 25%. He receives $250 in eligible dividends and $200 in non-eligible dividends during the 2019 tax year. To calculate the federal dividend tax credit, he has to gross-up the total dividends he receives. The gross-up percentages are 38% for eligible dividends and 15% for non- eligible dividends. a) Calculate Wang's Federal total income for dividends. (.5 mark) Calculate: (.5 mark) Page 7 of 10 b) Calculate Wang's...

  • Taxation

    As an employee of a public company, John Smith has an annual salary of $175,000.After years of purchasing losing tickets, John wins $600,000 in the lottery.As his employment income is more than adequate for his current needs, he plans to invest all of these winnings in preferred shares for the year ending December 31, 2019.These securities pay eligible dividends of 5 percent each year.The following information is applicable to the province in which John is a resident:_ The maximum tax...

  • Bob is the only shareholder of UplnSmoke Inc., a Canadian controlled private company. For the taxation...

    Bob is the only shareholder of UplnSmoke Inc., a Canadian controlled private company. For the taxation year ending December 31, 2018, the Company has Taxatie consideration of salary to Bob and/or the payment of dividends, of $135,000. All of this income qualities for the small business deduction Bob's only source of income is either dividends or salary from Whatsup Inc. For 2018, he has available tax credits of SA 200 (combined federal and provincial). Relevant information with respect to his...

  • Question 7 (80 points) Please USE an Excel spreadsheet to answer this question and upload the...

    Question 7 (80 points) Please USE an Excel spreadsheet to answer this question and upload the file to the dropbox. PART (A) 15 Points What is the intent of dividend integration? Does Current Canadian Tax Policy provide a perfect integration? Why or why not? What should the Canadian government do in order to provide a perfect integration (Please provide a hypothetically ideal solution)? Hint: No computation required. Three to four sentences would be sufficient to address these questions. PART (B)...

  • Which of the following does NOT accurately describe the calculation of federal tax payable for​ individuals?...

    Which of the following does NOT accurately describe the calculation of federal tax payable for​ individuals? A. There are currently five federal tax​ brackets, with rates ranging from​ 15% to​ 33%. B. Progressive tax rates are applied to brackets​ (or marginal​ increments) of taxable income. C. The federal tax rates are​ marginal, meaning that once taxable income reaches the next tax​ bracket, all of the​ individual's taxable income is taxed at the higher rate. D. The federal tax brackets are...

  • Tax System and Tax Policy: Taxation of High Incomes

    Tax System and Tax Policy: Taxation of High Incomes1)     Background: In this section, draw on Statistics Canada’s public tables to cover the following:Who are the top 1%?·       Top income cut-off, average income, share of income from labour & how much tax they pay·       Sex and age·       Province/LocationCompared to the bottom 50th percentile of tax filers, how has the income share and effective tax rate of the top 1% evolved over the data period?By province, how has the income share and effective tax rate of the province-specific top...

  • Tax System and Tax Policy: Taxation of High Incomes

    Tax System and Tax Policy: Taxation of High Incomes1)     Background: In this section, draw on Statistics Canada’s public tables to cover the following:Who are the top 1%?·       Top income cut-off, average income, share of income from labour & how much tax they pay·       Sex and age·       Province/LocationCompared to the bottom 50th percentile of tax filers, how has the income share and effective tax rate of the top 1% evolved over the data period?By province, how has the income share and effective tax rate of the province-specific top...

  • Excel Online Structured Activity: Personal taxes Mary Jarvis is a single individual who is working on...

    Excel Online Structured Activity: Personal taxes Mary Jarvis is a single individual who is working on filing her tax return for the previous year. She has assembled the following relevant information: • She received $124,000 in salary. • She received $19,000 of dividend income. • She received $4,900 of interest income on Home Depot bonds. • She received $21,000 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $6,300. •...

  • Ch 03: Blueprint Problems- Financial Statements, Cash Flow, and Taxes 2017 Individual Tax Rates Single Individual...

    Ch 03: Blueprint Problems- Financial Statements, Cash Flow, and Taxes 2017 Individual Tax Rates Single Individuals Plus This Percentage You Pay This Average Tax Amount on the on the Excess over the Rate at Base (Marginal Rate) Base of the Bracket If Your Taxable Top of Bracket Income Is 10.0 % 10.0% Up to $9,325 $0 $9,325 $37,950 932.50 15.0 13.8 $37,950 $91,900 5,226.25 25.0 20.4 $91,900 $191,650 18,713.75 28.0 24.3 $191,650 $416,700 46,643.75 33.0 29.0 $416,700 $418,400 120,910.25 35.0...

  • 2013 Individual Tax Rates Single Individuals Average Tax Rate at Top of Bracket 10.0% 13.8 If...

    2013 Individual Tax Rates Single Individuals Average Tax Rate at Top of Bracket 10.0% 13.8 If a Corporation's Taxable Income Is Up to $8,925 $8,925 - $36,250 $36,250 - $87,850 $87,850 - $183,250 $183,250 - $398,350 $398,350 - $400,000 Over $400,000 It Pays This Amount on the Base of the Bracket $0 892.50 4,991.25 17,891.25 44,603.25 115,586.25 116,163.75 Plus This Percentage on the Excess over the Base (Marginal Rate) 10.0% 15.0 25.0 28.0 33.0 35.0 39.6 20.4 24.3 29.0 29.0...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT