In 2023, Matt, who is 16 years old, receives non-eligible dividends of $15,000 from a private corporation controlled by his mother. He also has business income of $15,200 from contracts to complete computer coding for various organizations. He has also done well investing and has eligible dividends from publicly traded companies of $10,000. Assume his only personal tax credits are his Basic Personal Amount (BPA) and the dividend tax credit. What is Matt's federal income tax payable for 2023?

Answer rating: 100% (QA)

To calculate Matts federal income tax payable for 2023 we need to consider his noneligible dividends business income eligible dividends and available ... View the full answer