Part -calculating Taxable income, Income Tax Payable and effective Tax Rate 12 Marks The following information is for solving Questions 1 to 12 below) Last year, Elizabeth received the following in different forms of income - Salary w 300,000 Interest payments from her bond mutual funds was 53.000 bividend payments from her equity mutual funds was S4 SCO - Capital gains from selling some of her shares in Bell Canada Enterprises ud was $2.500 The combined federal and provincial tax rates in the province she lives in a percent. for dividends, the dress up amount is 24 percent, federal dividend tax credit is 14 percent and the provincial dividend tax credit Question 1 (1 point) v Saved What is Elizabeth's total taxable income? (1 mark) $100,000 $90,000 O $93,000 $97,500 None of the Above Question 2 (1 point) What is the amount of taxes she would pay on her salary? (1 mark) - - EUR DENNE $31.000 $28,830 $30,225 O $27.900 None of the Above NEM ve Question 3 (1 point) What is the amount of taxes she would pay on her interest ho $750 $1,395 $775 $930 None of the Above Question 4 (1 point) What is the taxable amount of her capital gains income? (1 mark) $2.500 $1.250 O $3,125 LE Part A - Calculating Taxable income, Income Tax Payable and Effective Tax Rate (12 Marks) (The following information is for solving Questions 1 to 12 below) Last year, Elizabeth received the following in different forms of income: Salary was $90,000 Interest payments from her bond mutual funds was $3,000 Dividend payments from her equity mutual funds was $4,500 Capital gains from selling some of her shares in Bell Canada Enterprises Ltd was $2,50 The combined federal and provincial tax rates in the province she lives in is 31 percent. For dividends, the Gross up amount is 24 percent, federal dividend tax credit is 14 percent, and the provincial dividend tax credit is 4.5 percent