You are Canadian resident and earned $10,000 of dividend income from a Canadian controlled company. For the year, your marginal federal tax rate was 22%. The dividend gross-up percentage was 38% and dividend tax credit was 15%. How much federal income taxes will you pay for your dividend income (nearest penny ($0.01) without dollar sign ($) or comma, e.g. 512.60)?

You are Canadian resident and earned $10,000 of dividend income from a Canadian controlled company. For the year, your marginal federal tax rate was 22%. The dividend gross-up percentage was 38% and dividend tax credit was 15%. How much federal income taxes will you pay for your dividend income (nearest penny ($0.01) without dollar sign ($) or comma, e.g. 512.60)?

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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