Question
John Flynn lives in Nova Scotia. In a given year he earned $1,600 in interest income and $3,000 in dividend income, and realized a $1,900
John Flynn lives in Nova Scotia. In a given year he earned $1,600 in interest income and $3,000 in dividend income, and realized a $1,900 capital gain. Calculate his after-tax income and tax rate for each type of income, assuming that his marginal federal tax rate is 26%, his marginal provincial tax rate is 16.65%, the dividend gross-up factor is 141.1%, the federal dividend tax credit is 16.42% of grossed-up dividends, and the provincial dividend tax credit is 8.31% of grossed-up dividends. (Do not round the intermediate calculations. Round your final answers to 2 decimal places.)
After-tax interest income | $ |
Tax rate on interest income | % |
After-tax dividend income | $ |
Tax rate on dividend income | % |
After-tax capital gain income | $ |
Tax rate on capital gains income |
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