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How much is federal tax payable for the year

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Reference no: EM132724392

Problem 1: Katrina is 27 years old. During 2019 she receives a non-eligible dividend of $12,000 from a private company controlled by her mother. Because she has never been actively engaged in the business, has assumed no risk or contributed capital to the corporation, holds only non-voting shares, these dividends are classified as Split Income. In addition to the dividends, she has interest income of $6,000 on funds that she inherited when her grandmother passed away. Her only tax credits are the basic personal credit and the dividend tax credit. How much is her federal tax payable for the year?

A. Nil
B. 1498
C. 2398
D. 3308
E. None of the above

Reference no: EM132724392

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