During 2023, Ms.
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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?Suppose a graduate student earned a gross income of $60,000 in the year 2022 and is a resident of Ontario, Canada. The following information is provided for the calculation of the student's federal and provincial income taxes: Federal tax rates for 2022 are as follows: 15% on the first $49,020 of taxable income 20.5% on the next $49,020 of taxable income (on the amount over $49,020 up to $98,040) 26% on the next $61,536 of taxable income (on the amount over $98,040 up to $159,576) 29% on the next $71,517 of taxable income (on the amount over $159,576 up to $231,093) 33% on the amount over $231,093 Ontario tax rates for 2022 are as follows: 5.05% on the first $47,630 of taxable income 9.15% on the next $47,629 of taxable income (on the amount over $47,630 up to $95,259) 11.16% on the next $62,335 of taxable income (on the amount over $95,259 up to $157,594) 12.16% on the next $70,000 of taxable income (on the amount over $157,594 up to $227,594) 13.16% on the…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.
- During 2020, Joan Matel is a resident of Ontario Canada and has calculated her Taxable Income to be $56,700. Assume that Ontario’s rates are 5.05 percent on Taxable Income up to $48,535 and 9.15 percent on the next $48,534. Calculate her 2020 federal and provincial Tax Payable before consideration of credits, and her average rate of tax.Please do not give image formatIn 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
- show the complete solutionBased 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 aboveDuring 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
- In 2023, albert earned $100,000 anually and contributed ei and cpp in alberta at a maximum amount. Since albert was fulltime employee his company matched ei at 1.4% and cpp at 1:1. Assume claim code 1 for federal and provincial tax deductions.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.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