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

Since Taylor made a RRSP contribution of $4,000, how much in income taxes would they be saving based on this RRSP contribution?

Question 11 options:

$1,238.50

$2,296.76

$1,500.00

$1,691.04

None of the Above

Question 12 (1 point)

Saved

Since Taylor had made $500 in charity contributions to Algonquin College during the past year, what would Taylor’s tax credit on this charity contribution (

Question 12 options:

$76.00

$84.00

$90.00

$112.00

None of the Above

Question 13 (2 points)

Saved

Assuming Taylor had decided to make the $4,000 RRSP contribution and makes the $500 charity contribution, how make would be their total tax bill from all sources of income

Question 13 options:

$29,075.20

$27,654.21

$28,201.46

$30,143.55

None of the Above

Answer rating: 100% (QA)

11 None of the above is the correct answer Workings RRSP Contribution 4000 Tax Credit Rate Amount ... View the full answer