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Calculate the maximum dividend tax credit

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Problem 1: Charlie Brown received a non-eligible dividend in the amount of $5,000 on June 15, 2020. His tax bracket for 2020 was in the 40% tax bracket. Calculate the maximum dividend tax credit for 2020. (Approximately-ie the closest figure below calculated for the max dividend tax credit is)

Group of answer choices

a) $208

b) $1,036

c) $1,035

d) $518

Reference no: EM132716888

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