60. Cecil C. Seymour is a 64-year-old widower. He had income for 2019 as follows: Pension from former employer $39,850 Interest income from Alto National Bank 5,500 Interest income on City of Alto bonds Dividends received from IBM stock held for over one year Collections on annuity contract he purchased from Great Life Insurance Social Security benefits 4,500 2,000 5,400 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 2019. Cecil's 40-year-old daughter, Sarah C. Seymour, borrowed $60,000 from Cecil on January 2, 2019. 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 collect the principal eventually. Sarah is living with Cecil until the business becomes profit- able. Except for housing, Sarah provides her own support from her business and $1,600 in dividends on stocks that she inherited from her mother. Other relevant information is presented below: • 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 2018 Federal income tax: $5,900 • Charitable contributions of cash to Alto Baptist Church: $7,400 • Federal interest rate: 6% • Sales taxes paid: $912 Compute Cecil's 2019 Federal income tax payable (or refund due).
60. Cecil C. Seymour is a 64-year-old widower. He had income for 2019 as follows: Pension from former employer $39,850 Interest income from Alto National Bank 5,500 Interest income on City of Alto bonds Dividends received from IBM stock held for over one year Collections on annuity contract he purchased from Great Life Insurance Social Security benefits 4,500 2,000 5,400 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 2019. Cecil's 40-year-old daughter, Sarah C. Seymour, borrowed $60,000 from Cecil on January 2, 2019. 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 collect the principal eventually. Sarah is living with Cecil until the business becomes profit- able. Except for housing, Sarah provides her own support from her business and $1,600 in dividends on stocks that she inherited from her mother. Other relevant information is presented below: • 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 2018 Federal income tax: $5,900 • Charitable contributions of cash to Alto Baptist Church: $7,400 • Federal interest rate: 6% • Sales taxes paid: $912 Compute Cecil's 2019 Federal income tax payable (or refund due).
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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