Compute cecil''s 2013 federal income tax payable, Taxation

Assignment Help:

Pension from former employer $39,850,

Interest income from Alto Nationl Bank 5,500,
Interest income on City of Alto bonds 4,500,
Dividends received from IBM 2,000,
Collections on annuity contract he purchased from Great life insurance 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 has received 22 payments through 2013.
Cecil's 40-year-old daughter, Sarah C. Seymour, borrowed $60,000 from Cecil on January 2, 2013. She used the money to start a new business. Cecil does not charge her interest because she could not afford to pay it, but he does expect to eventually collect the principal. Sarah is living with Cecil until the business becomes profitable. Except for housing, Sarah provides her own support from her business and $1,600 in dividends on stock that she inherited from her mother.

Other relevant information is presented below:
·Cecil's Social Security number: 123-45-6785,
·Address: 3840 Springfield., Blvd, Alto, GA 30510,
·Sarah's Social Security number: 123-45-6784,
·Expenses on rental townhouse:
Utilities $2,800,
Maintenance 1,000,
Depreciation 2,000,
Real estate taxes 750,
Insurance 700,
·State income taxes paid: $3,500,
·County personal property taxes paid $2,100,
·Payments on estimated 2011 Federal income tax: $5,900,
·Charitable contributions of cash to Alto Baptist Church: $6,400,
·Federal interest rate: 6%,
·Sales taxes rate paid: $912,
Compute Cecil's 2013 Federal income tax payable (or refund due).


Related Discussions:- Compute cecil''s 2013 federal income tax payable

Define VAT, Define VAT? what is excise? VAT refers for value added tax, tha...

Define VAT? what is excise? VAT refers for value added tax, that is termed as charged on profit earned by firm, for example example: let suppose a business man sells a product of U

Explain the characteristics of an efficient tax system, Question 1: (a)...

Question 1: (a) Why does Government intervene in the market's allocation of resources even if the economy is Pareto efficient? (b) What are the principal reasons why marke

Corporate Taxation, do you offer tutoring services for graduate accounting ...

do you offer tutoring services for graduate accounting students?

Filing Out Tax Return Project, Using tax software, file out federal and cal...

Using tax software, file out federal and california tax form! Plus cover letter

Taxable income, The following 2012 projected income statement is provided b...

The following 2012 projected income statement is provided by your new client, John Green, single, and sole proprietor of Green Industries. Green Industries started business in Marc

Out, Roberta Santos age 41

Roberta Santos age 41

Capital gains tax and inheritance tax issues , Background information J...

Background information Jim set up a limited company; Show the Way Limited (The Company), along with his father in 1983. The company is incorporated in Scotland and has been reg

Explain the effects of taxation on the equilibrium of a firm, Q. Explain th...

Q. Explain the effects of taxation on the equilibrium of a firm? Suppose a tax is imposed on the producers of a commodity, the tax is on each unit for they produce. Naturally,

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd