art A Calculating Taxable Income, Income Tax Payable and Effective Tax Rate (15 Marks) (The following information is for solving Questions 1 to 13 below)

Tax Brackets for Salary and Interest Income		Dividend Tax Treatment
0 to $15,000 $15,001 to $30,000 $30,001 to $70,000 $70,001 to $110,000 $110,001 to 200,000 $200,000 plus	0% 20% 30% 35% 40% 55%	Dividend Gross Up Rate Federal Dividend Tax Credit Provincial Dividend Tax Credit	20% 14% 8%
Charity Tax Credit		Capital Gains Exclusion Rate	50%
First $200 donation Above $200 donation	12% 20%

It is the month of February, and Taylor is working on their income taxes. Taylor recorded the following information from the past year.

• Salary Income $112,000
• Interest Income from Bond Mutual Fund $2,000
• Capital Gains $3,000
• Dividend Income $1,200
• RRSP Contribution $4,000
• Charity Contributions to Algonquin College Alumni Fund $500

Question 1 (1 point)

Saved

What was Taylors total income?

Question 1 options:

	$114,000
	$112,000
	$109,500
	$118,200
	None of the Above

Question 2 (2 points)

Saved

Ignoring the RRSP and Charity contributions, what is the amount of taxes Taylor would pay on their salary?

Question 2 options:

	$29,800
	$32,200
	$34,225
	$22,500
	None of the Above