Freddy receives $17,000 non-eligible dividendfrom a taxable Canadian corporation. Hiscombined tax rate 41% (29% federal and 12%provincial). If federal and provincial combinedtax credit 84.5% of the gross-up amount,Freddy's net federal and provincial tax payableis?a. $5,713b. $5,861c. $8,085d. $4,930

The answer has been mentioned below.

Answered: s $17,000 non-el Canadian corpoi rate…

Business

Accounting

s $17,000 non-el Canadian corpoi rate 41% (29% fec ederal and provir % of the gross-up deral and provin

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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Question

Freddy receives $17,000 non-eligible dividend
from a taxable Canadian corporation. His
combined tax rate 41% (29% federal and 12%
provincial). If federal and provincial combined
tax credit 84.5% of the gross-up amount,
Freddy's net federal and provincial tax payable
is?
a. $5,713
b. $5,861
c. $8,085
d. $4,930

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