Tax Brackets for Salary and InterestIncome0 to $15,000$15,001 to $30,000$30,001 to $70,000$70,001 to $110,000$110,001 to 200,000$200,000 plusCharity Tax CreditFirst $200 donationAbove $200 donationDividend Tax Treatment0%Dividend Gross Up Rate25%15%Federal Dividend Tax Credit15%25%Provincial Dividend Tax Credit9%35%45%55%Capital Gains Exclusion Rate50%12%20%It is the month of February, and Morgan is working on their income taxes. Morgan recorded the followinginformation from the past year.• Salary Income $105,000Interest Income from Bond Mutual Fund $2,500•Capital Gains $2,500. Dividend Income $1,300.RRSP Contribution $5,500Charity Contributions to Algonquin College Alumni Fund $800Question 1 (1 point)What was Morgan's total income? (1 mark)$115,200$118,200$101,400$108,000$111,300

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Answered: Tax Brackets for Salary and Interest…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Similar questions

If discretionary expenses are $500, cash flow before discretionary expenses are $2,000, and discretionary capital expenditures are $500, what is the discretionary payout percentage? A. 50% B. 25% C. 20% D. 250%
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Answer is B
Instructions Consider an organization that has Earnings Before Tax of $100,000. Assume amortization expense for this organization is zero, and it is in the 30% tax bracket. Answer the following questions: 1. What is the cash flow? 2. Now assume amortization is $50,000. Does the cash flow change? If so, why and by how much? Requirements Your submission should include a single Microsoft Word document or pdf containing your response to the discussion question. S
a calendar-year C Corporation, is considering investing in a business expenditure with a cost of $10,000. If $8,000 of the cost of the expenditure can be used as a tax credit rather than a tax deduction of $10,000 and the marginal tax rate is 21%, how much additional tax savings would the expenditure generate as a result of the tax credit relative to the tax deduction? a. $2,000 b. $8,000 c. $5,900 d. $2,100
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Years Revenue Cash Expense Book Depreciation Book Income Pre-Tax Book Tax at 32% After Tax Book Income Financial Measures Profit Margin % Net Assets ROA % Cashflow Revenue Cash Expense Tax Depreciation Pretax Income Tax at 32% After Tax Income After Tax Cashflow Cumulative Cashflow Payback Period Present Worth 10 PW12 PW15 IRR PV Index(15) Facility Cost Income Tax Rate 0 C. -9.5 d. -12.4 $ 100,000.00 2.2 Years 91740.92679 0.395702526 1 0.684350818 $ 100,000.00 32% $30,000.00 $100,000.00 $120,000.00 $140,000.00 $150,000.00 $150,000.00 $50,000.00 $60,000.00 $70,000.00 $75,000.00 $75,000.00 2 $20,000.00 $20,000.00 $20,000.00 $20,000.00 $20,000.00 $0.20 $20,400.00 $27,200.00 $0.26 $9,600.00 $12,800.00 $16,000.00 $17,600.00 $17,600.00 $20,400.00 ($100,000.00) $40,400.00 $51,040.00 ($100,000.00) -$59,600.00 -$8,560.00 $40,000.00 $50,000.00 $55,000.00 $55,000.00 $0.23 3 $0.45 $36,727.27 $80,000.00 $60,000.00 $40,000.00 $20,000.00 $0.85 $1.87 4 $19,040.00 5 $34,000.00 $37,400.00 $0.24…
Macmillan Learning Tax Bracket Tax Rate $0.00+ 10% $11,600.00+ 12% $47,150.00+ 22% $100,525.00+ 24% $191,950.00+ 32% $243,725.00+ 35% $609,350.00+ 37% Given this Federal Income Tax schedule, what would your income tax be if you had a taxable income of $20,000? $2,400 $3,233 $2,000 $2,168 es fro (32 rating.

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