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please make sure see the values and then solve don't just copy paste different values. Question 1: You are moving from NB to BC. Your
please make sure see the values and then solve don't just copy paste different values.
Question 1: You are moving from NB to BC. Your regular $65,000 salary will be subject to BC taxes. As is the case in Canada and the provinces the first $15,000 of your income will not be subject to any taxes. Also, you expect to receive $2,poe in dividends and make $1,500 in profit in a stock sale. The tax tables are included below. Dividends are subject to a 38% gross up and the combined dividend tax credits for Nfld are 10% and 15% in BC. As well, capital gains are taxed at 50% of income. Two questions: 1) What total income taxes would you pay in both provinces? And 2) By how much (in dollars) will your net tax bill change from moving to BC from NB? (10 Marks) BC NB Federal Tax Cumulative Tax Cumulative Tax Cumulative Tax Rate Bracket Income Tax Rate Bracket income Tax Rate Bracket Income 5.06% $ 37,606 9.68% $ 39,305 15.00% $ 43,953 7.07% $ 37,607 $ 75,213 14.82% $ 39,304 $ 78,609 22.00% $ 43,954 $ 87,907 10.50% $ 11,141 $ 86,354 16.52% $ 49,193 $ 127,802 26.00% $ 48,363 $ 136,270 12.29% $ 18,504 $ 104,858 17.84% $ 127,802 $ 255,604 29.00% $136,270 $ 272,540 14.70% $ 45,142 $ 150,000 16.80% $ 150,000 $300,000 Step by Step Solution
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