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How much will she pay in income tax

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Question - Sherry is in the top federal tax bracket of 29 percent. She lives in a province where her provincial marginal tax rate is 17.5 percent and the provincial dividend tax credit is 31 percent of the dividend gross up. If Sherry receives an eligible dividend of $16,000 from a Canadian public corporation in 2015, how much will she pay in income tax?

A. $4,650.

B. $2,827.

C. $5,066.

D. $8,382.

During 2015 John received eligible dividends of $900 and non-eligible dividends of $600. His 2015 federal dividend tax credit is:

A. $253.

B. $265.

C. $305.

D. Not possible to calculate

Reference no: EM132112958

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