During 2023, Ms. Mary receives $5,600 in non-eligible dividends from taxable Canadiancorporations. Her income is such that this additional amount will be subject a Federal incometax rate of 26% and a provincial income tax rate of 10%. The province provides a dividend taxcredit equal to 38% of the gross up.Required:Determine the total federal and provincial income tax that will be payable on these dividendsand the after-tax retention.

Retention tax refers to any tax that is being imposed by an employer and deducted from an employee's…

Answered: During 2023, Ms.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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During 2023, Ms. Rhonda Holland receives $2000 in eligible dividends from taxable Canadian corporations. Her income is such that all additional amounts will be taxed at a 29 percent federal rate and a 14 percent provincial rate. Her provincial dividend tax credit for eligible dividends is equal to 27 percent of the gross up. What is the total federal and provincial dividend tax credit she will be eligible for as a result of these dividends?
During 2020, Mr. Franz Schlitz receives $23,500 in eligible dividends from Canadian public corporations. His income is such that this additional amount will be taxed at a 29 percent federal rate and a 14 percent provincial rate. On eligible dividends, the province has a dividend tax credit equal to 25 percent of the gross up. Determine the total federal and provincial tax that will be payable on these dividends and his after tax retention.
In 2022, an individual received a salary of $50,000. Deducted from the salary were income taxes of $10,000, the maximum Canada pension plan (CPP) and employment insurance (EI) contributions of $3,441 of which $349 was the enhanced CPP contribution, and charitable donations of $450. What would be the individual's total federal tax (federal tax less credits) in 2022? Group of answer choices 4,676 6,881 4,774 None of these 6,835
Low Tech Inc. is a Canadian-controlled private corporation (CCPC) with 2020 SR&ED expenditures of $885.000. In 2019, the Company's Taxable Capital Employed In Canada was $7 million. Determine their total investment tax credit for 2020 and indicate the amount that would be refundable. OA. The total credit would be $102,750. The refundable amount would be $102,750. OB. The total credit would be S239,750. The refundable amount would be $239,750. OC. The total credit would be S239,750. The refundable amount would be $102,750. OD. The totali credit would be $102.750. The refundable amount would be $102.750.
Based on ph Joji, a resident citizen, has the following cumulative data from January to June 30, 2021: Sales, P2 million; Salary, P1 million. In the 3rd quarter of 2021, he has Sales of P500,000 and a Salary of P100,000. How much Sales and Salary, respectively, shall be declared by Joji in the 3rd quarter income tax return for the taxable year 2021? A.P500,000 and P100,000 B.P2,500,000 and zero, respectively C.P2,000,000 and P1,100,000 D.P2,500,000 and P1,100,000 E.None of the above
During 2022, Ms. Cheerful, a resident of Alberta and has a taxable income of $45,200. Calculate his 2022 federal Tax Payable before consideration of credits based on the 2022 tax table: Note: Answer should be in whole number. There is No $, comma or decimals. Example: 17564
10) During 2020, Canadian resident Mark Forbes has calculated his Taxable Income to be $53,175. Calculate his 2020 federal Tax Payable before consideration of credits a) $7,976 O b) $ 8,231 c) $10,901 d) $7,280
During 2020, Mr. Kind, a resident of Alberta has a taxable income of $89,023. Calculate his 2020 Federal Tax Payable before consideration of credits based on the 2020 tax table: Taxable income in Excess of Federal Tax Marginal Rate on Excess 0 0 15% 48,535.00 7,280.00 20.50% 97,069.00 17,230.00 26% ( Note: Round your answer to the nearest whole number. No $ sign, no comma or nor decimal is required. e.g. 12084;) Type out the correct answer ASAP with proper explanation of it.will gives you thumbs up only for the correct answer. Thank you
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)
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.
A resident citizen obtains P9,500 each from the following sources, net of final tax. Under which of the following passive income does the government obtain the least amount of final tax? interest income from tax-free covenant bonds share in net income of a taxable partnership interest income from bank deposits prizes
What will be the total tax (Federal + Provincial) for a taxable income of $92,340? Do calculation and choose answer. (Use the Federal Tax Rates for 2023 and Sample Question.) $28,447.08 $21,913.54 $18,642.60 $25,228.96

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