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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Cecil C. Seymour is a 64-year-old widower. He had income for 2014 as follows
Pension from former employer $39,850
Interest income from Alto National Bank 5,500
Dividends received from IBM 4,500 ance 5,400
Social Security benefits 14,000
Rent income on townhouse 9,000
The cost of the annuity was $46,800, and Cecil was expected to receive a total of 260 monthly payments of $450. Cecil received 22 payments through 2014.
Cecil's 40 yesar old daughter borrowed $60,000 on 1/2/14 using the money to start a new business, cecil does not charge her interest. She lives with cecil and provides her own expenses.
expenses on rental
Utilities  2800
maintenance  1000
depreciation 2000
real estate taz 750
insurance 700
state income tax paid 3500
county personal property tax paid  2100
payments on estimated 2014 federal income tax 5900
charitiable contribution alto baptisit church 6400
federal interest rate 6%
sale tax paid 912
compute cecil's 2014 income tax payable (or refund)
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