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John Flynn lives in Nova Scotia. In a given year he earned $1,500 in interest income and $3,000 in dividend income, and realized a $2,200
John Flynn lives in Nova Scotia. In a given year he earned $1,500 in interest income and $3,000 in dividend income, and realized a $2,200 capital gain. Calculate his after-tax income and tax rate for each type of income, assuming that his marginal federal tax rate is 27%, his marginal provincial tax rate is 16.9%, the dividend gross-up factor is 138%, the federal dividend tax credit is 15.4% of grossed-up dividends, and the provincial dividend tax credit is 8.42% of grossed-up dividends. (Do not round the intermediate calculations. Round your final answers to 2 decimal places.)
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