What is the total federal and provincial tax

Assignment Help Taxation
Reference no: EM133335617

Assignment:

During 2020, Ms. Nicole Sullivan receives $3000 in eligible dividends from taxable Canadian corporations. Her income is such that all additional amounts will be taxed at a 29 percent federal rate and a 16 percent provincial rate. Her provincial dividend tax credit for eligible dividends is equal to 32 percent of the gross up. What is the total federal and provincial tax that will be payable on these dividends (after considering the dividend tax credits)?

Round to the nearest dollar. Do NOT write commas, dollar signs, or decimals in your response.

Reference no: EM133335617

Questions Cloud

How are these advances treated for income tax purposes : A business may receive advances for goods or services to be delivered or services to be provided in a subsequent taxation year.
Describe the remedy and then apply it to the case : If Aimee ends up breaching her contract with Roberto, what remedy, or remedies, may be available to Roberto in this case? Be sure to describe the remedy
Elements an action based upon promissory estoppel : Be sure to discuss the facts that will or will not satisfy each element required for an action based upon Promissory Estoppel.
Does frank have a legitimate claim : You are an associate in the law firm representing Frank and have been asked to analyze the issue. Does Frank have a legitimate claim?
What is the total federal and provincial tax : What is the total federal and provincial tax that will be payable on these dividends (after considering the dividend tax credits)?
What is the maximum expense that can be claimed : What is the maximum expense that can be claimed with respect to the amounts listed above?
Discuss the problems presented by inequitable discrimination : The Canadian Charter of Rights and Freedoms recognizes equality as a right. Describe and define equality in two forms, formal and substantive, and discuss
What are the eligibility requirements for sij : What are the eligibility requirements for SIJ, and describe the process of applying for SIJ from A to Z (specify the application number and required evidence).
Identify facility is going through the accreditation process : Identify when a facility is going through the Accreditation process, who is interviewed, and the process involved. Why would a facility choose to be accredited?

Reviews

Write a Review

Taxation Questions & Answers

  Discuss the nature of sampling risk and nonsampling risk

Discuss the nature of sampling risk and nonsampling risk. Include the effect of sampling risk on tests of controls

  Compute tax depreciation for each year 2012-2017

The asset has a useful life of 8 years and a salvage value of $4,000. For tax purposes, the MACRS class life is 5 years. Compute tax depreciation for each year 2012-2017.

  What is her standard deduction

Cheryl is claimed as a dependent on her parents' tax return. She had a part-time job during 2012 and earned $4,900 during the year, which was her only income. What is her standard deduction?

  Evaluate the project''s npv

Evaluate the project's NPV? Note that a project's expected NPV will be negative, in which case it will be rejected.

  Analyze impact of tax holiday of up to ten day in your state

Impact Analysis: Analyze the impact of tax holidays of up to 10 days in your state. Create a table with two (columns. The first column should list Yield, Equity, Administration and Compliance, and Economic Impact.

  What is the current ratio

A company has current assets of $500,000, net income of $10,000, current liabilities of 250,000 and equity of $250,000. What is the current ratio?

  Are securities registered in the corporation name

Explain the manner in which each of the above procedures might be tested and are securities registered in the corporation name?

  Describe the ways in which timing strategy has limitations

Describe the ways in which the timing strategy has limitations. The concept of the time value of money suggests that $1 today is not equal to $1 in the future. Explain why this is true.

  What total amount of taxes withheld from phoenixs earnings

Phil Phoenix is paid monthly. For the month of January of the current year. What is the total amount of taxes withheld from the Phoenix's earnings?

  Compare the after-tax annual cost of the two machines

Compare the after-tax annual cost of the two machines and decide whether Machine A should be retained or replaced by Machine B.

  What is her basis in the partnership after the distributions

How much gain (if any) must Carla recognize as a result of the distributions? What is her basis in the partnership after the distributions?

  Sybil transfers property with a tax basis

Sybil transfers property with a tax basis of $5,000 and a FMV of $6,000 to a corp in exchange for stock with a FMV of $3000 and $2000 cash in a transaction under section 351. Corp assumed $1000 liability. What is the Sybil's tax basis of stoc..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd