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Compute cecils 2014 income tax payable

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Reference no: EM13858374

Question:

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. becauase she could not afford to pay it. but he does expect to eventually collect the principal Sarah lives with cecil until the business become profitable . Except for housing Sarah provides her own support from her business and $1,600in dividends on stocks 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 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 cecils 2014 income tax payable (or refund due)

Reference no: EM13858374

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