Question 10Your federal income tax rate is 29%. Your province income tax rate is 17.5%. The provincial dividend tax credit is 31%of the dividend gross up. You get a Canadian eligible dividend of S16,000. How much income tax do you pay on thedividend?8,2822,927O 6,150O5,066Question 11 (You received eligible dividends of $800, non-eligible dividends of S600 and foreign dividends of $1,000 before 10%foreign income tax was withheld. Your Division B(Net Income) from property income is:O 2,649O 2,749O 2,794O 2,664

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Question 10 Your federal income tax rate is 29%. Your province income tax rate is 17.5%. The provincial dividend tax credit is 31% of the dividend gross up. You get a Canadian eligible dividend of $16,000. How much income tax do you pay on the dividend? 8,282 2,927 O 6,150 5,066

Question 10 Your federal income tax rate is 29%. Your province income tax rate is 17.5%. The provincial dividend tax credit is 31% of the dividend gross up. You get a Canadian eligible dividend of $16,000. How much income tax do you pay on the dividend? 8,282 2,927 O 6,150 5,066

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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Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.

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