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John R. Lane (SSN 123-44-6666) lives at 1010 Ipsen Street, Yorba Linda, California 90102. John, a single taxpayer, age 66, provided 100% of his cousin's support. The cousin lives in Arizona. He wants to take advantage of the presidential election campaign check-off. John is an accountant. Other relevant information includes
Salary $20,000Taxable pension 31,000Interest income 300IRA deduction 3,000Itemized deductions (from Schedule A) 6,000Withholding 7,000
Assume that Schedule A, if necessary, has already been completed. Complete Form 1040.
How much will each annual payment be? What ratios would be impacted by extra debt? How would you give explanation for this purchase to management?
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by using a present value table, your calculator, or a computer program present value function, answer the following questions: Find out the present value of nine annual cash payments of $8,000, to be paid at the end of each year using interest rate ..
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