Calculate the individual taxable income

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Reference no: EM132719412

A) Suppose an idividual subject to a 35 per cent marginal rate of income tax has 1,000 shares in a company that is paying a semi-franked dividend of 15 cents per share, if the company tax rate is 30 per cent:

1. Calculate the individual's taxable income due to the dividend?

2. What tax credit can the individual claim due to the franked dividends?

3. What tax, if any, is payable by the individual out of the cash dividend?

Reference no: EM132719412

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