2 2016 Required information The following information applies to the questions displayed below) Diana and Ryan Worloman were married on January 1 of last year Diana has an eight-year-old son Jorge from her previous mamage Ryan works as a computer programmer at Datafile incorporated (D) eaming a salary of $108,500 Diana is self-employed and runs a day care center The Workmans reported the following financial information pertaining to their activities during the current year a. Ryan camed a 108,500 salary for the year. b. Ryan borrowed $14,500 from Di to purchase a car D charged him 2 percent interest (5290) on the loan which Ryan paid on December 31 DI would have charged Ryan $970 il interest had been calculated at the applicable federal interest rate Assume that tax avoidance was not a motive for the loan Diana received $3.250 in alimony and $7.000 in child support payments from her former husband. They divorced in d Diana won a $1,150 cash prize at her church-sponsored Bingo game e. The Workmans received $1.750 of interest from corporate bonds and 51.500 of interest from a municipal bond Diana owned these bonds before she married Ryan t. The couple bought 100 shares of ABC Incorporated stock for 565 per share on July 2 The stock was worth $97 a share on December 31. The stock paid a dividend of S1 per share on December 1 9 Diana s father passed away on April 14 She inherited cash of $75,000 from her father and his baseball card collection valued at $4.500. As the beneficiary of her father's life insurance policy, Dlana also received $175,000 h The couple spent a weekend in Atlantic City in November and came home with gross gambling winnings of 53700 Ryan received $5.400 cash for reaching 10 years of continuous service at DI Ryan was hit and injured by a drunk driver while crossing a street at a crosswalk He was unable to work for a month He received 511000 from his disability Insurance Di paid the premiums for Ryan, but it reported the amount of the premiums as compensation to Ryan on his year-end W-2 k The drunk dover who hit Ryan in parti) was required to pay his $4.500 medical costs, $4,000 for the emotional trauma he suffered from the accident, and $10,000 for punitive damages 1. For meeting his performance goals this year, Ryan was informed on December 27 that he would receive a $7500 years end bonus. Di located in Houston, Texas) mailed Ryan's bonus check from its payroll processing center (Tampa, Florida) on December 28 Ryan didn't receive the check at his home until January 2 m. Diana is a 10 percent owner of MNO incorporated, a Subchapter 5 corporation. The company reported ordinary business income for the year of $142,000 Diana acquired the MNO stock two years ago n Diana's day care business collected $160,000 in revenues. In addition, customers owed her 515,500 at year-end During the year Diana spent $18,000 for supplies. $14,000 for utilities, $40,000 for rent, and $1750 for miscellaneous expenses. One customer gave her use of his vacation home for a week (worth $15.000) in exchange for Diana allowing his child to attend the day care center free of charge Diana accounts for her business activities using the cash method of accounting 0. Ryan's employer pays the couples annual health insurance premiums of $18,000 for a qualified plan on Assignment Chapter 5 Saved h. The couple spent a weekend in Atlantic City in November and came home with gross gambling winnings of $3.700 Ryan received $5,400 cash for reaching 10 years of continuous service at DU J. Ryan was hit and injured by a drunk driver while crossing a street at a crosswalk. He was unable to work for a month. He received $11.000 from his disability insurance. Di paid the premiums for Ryan, but it reported the amount of the premiums as compensation to Ryan on his year-end W-2 k The drunk driver who hit Ryan in part (I) was required to pay his 54.500 medical costs, $4,000 for the emotional trauma he suffered from the accident, and $10,000 for punitive damages 1. For meeting his performance goals this year. Ryan was informed on December 27 that he would receive a $7,500 year. end bonus. Di (located in Houston Texas) mailed Ryan's bonus check from its payroll processing center (Tampa, Florida) on December 28. Ryan didn't receive the check at his home until January 2 m. Diana is a 10 percent owner of MNO Incorporated, a Subchapters corporation. The company reported ordinary business income for the year of $142,000 Diana acquired the MNO stock two years ago n Diana's day care business collected $160,000 in revenues. In addition, customers owed her 515,500 at year-end. During the year, Diana spent $18,000 for supplies, $14,000 for utilities, $40,000 for rent, and $1,750 for miscellaneous expenses. One customer gave her use of his vacation home for a week (worth $15,000) in exchange for Diana allowing his child to attend the day care center free of charge. Dlana accounts for her business activities using the cash method of accounting o Ryan's employer pays the couple's annual health insurance premium of $18,000 for a qualified plan 1. Assuming the Workmans file a joint tax return, determine thelt gross income minus expenses on the daycare business (this is called total income on the Form 1040) Gross income 3. Assuming the Workmans live in California, a community property state, and that Diana and Ryan file separately, what is Ryan's gross income minus expenses on the daycare business? Gross income 2. Complete profom 1000 und Schule for Womenting M. Out the values pouve numbers Enter any non financial information Name Addresses EXACTLY they appear in any given information or Problem Stonement. Do not ierows, while entering in Deductions of Form 1040 PGI) Ryan 1010 NW 135th Street Social Security numbers Ryan 122.3333 Dana 222-33-4444 Jorge 333-44.5555 1040 for a couple Harried in only with a dependent 10 PG 1 sche Form 10-40 Page 1 Form 1040 U.S. Individual Income Tax Return O ON 2020 OO RO Standard Deduction B One where lorom 55.000 hecho de care centre of the of accoun The chance 4. Complete page om 10 though and schedulot yan man nout the values as per Emery non-financial information, Names Act EXACTLY they spear in any given information Problem nemen. De not ship. Weg in Deductions of Form 1040 PGI) Ryan address is 19010 NW 3 Set social security Ryan 2-3 Dana 222-33-4444 Jorge 3.44.5555 1040 for a personlig separately 1040 PG Sched Form 1040 Page 1 Form 1040 Status U.S. Individual Income Tax Return 2020 Oure O he O. Ch Sipas name and L www 2 2016 Required information The following information applies to the questions displayed below) Diana and Ryan Worloman were married on January 1 of last year Diana has an eight-year-old son Jorge from her previous mamage Ryan works as a computer programmer at Datafile incorporated (D) eaming a salary of $108,500 Diana is self-employed and runs a day care center The Workmans reported the following financial information pertaining to their activities during the current year a. Ryan camed a 108,500 salary for the year. b. Ryan borrowed $14,500 from Di to purchase a car D charged him 2 percent interest (5290) on the loan which Ryan paid on December 31 DI would have charged Ryan $970 il interest had been calculated at the applicable federal interest rate Assume that tax avoidance was not a motive for the loan Diana received $3.250 in alimony and $7.000 in child support payments from her former husband. They divorced in d Diana won a $1,150 cash prize at her church-sponsored Bingo game e. The Workmans received $1.750 of interest from corporate bonds and 51.500 of interest from a municipal bond Diana owned these bonds before she married Ryan t. The couple bought 100 shares of ABC Incorporated stock for 565 per share on July 2 The stock was worth $97 a share on December 31. The stock paid a dividend of S1 per share on December 1 9 Diana s father passed away on April 14 She inherited cash of $75,000 from her father and his baseball card collection valued at $4.500. As the beneficiary of her father's life insurance policy, Dlana also received $175,000 h The couple spent a weekend in Atlantic City in November and came home with gross gambling winnings of 53700 Ryan received $5.400 cash for reaching 10 years of continuous service at DI Ryan was hit and injured by a drunk driver while crossing a street at a crosswalk He was unable to work for a month He received 511000 from his disability Insurance Di paid the premiums for Ryan, but it reported the amount of the premiums as compensation to Ryan on his year-end W-2 k The drunk dover who hit Ryan in parti) was required to pay his $4.500 medical costs, $4,000 for the emotional trauma he suffered from the accident, and $10,000 for punitive damages 1. For meeting his performance goals this year, Ryan was informed on December 27 that he would receive a $7500 years end bonus. Di located in Houston, Texas) mailed Ryan's bonus check from its payroll processing center (Tampa, Florida) on December 28 Ryan didn't receive the check at his home until January 2 m. Diana is a 10 percent owner of MNO incorporated, a Subchapter 5 corporation. The company reported ordinary business income for the year of $142,000 Diana acquired the MNO stock two years ago n Diana's day care business collected $160,000 in revenues. In addition, customers owed her 515,500 at year-end During the year Diana spent $18,000 for supplies. $14,000 for utilities, $40,000 for rent, and $1750 for miscellaneous expenses. One customer gave her use of his vacation home for a week (worth $15.000) in exchange for Diana allowing his child to attend the day care center free of charge Diana accounts for her business activities using the cash method of accounting 0. Ryan's employer pays the couples annual health insurance premiums of $18,000 for a qualified plan on Assignment Chapter 5 Saved h. The couple spent a weekend in Atlantic City in November and came home with gross gambling winnings of $3.700 Ryan received $5,400 cash for reaching 10 years of continuous service at DU J. Ryan was hit and injured by a drunk driver while crossing a street at a crosswalk. He was unable to work for a month. He received $11.000 from his disability insurance. Di paid the premiums for Ryan, but it reported the amount of the premiums as compensation to Ryan on his year-end W-2 k The drunk driver who hit Ryan in part (I) was required to pay his 54.500 medical costs, $4,000 for the emotional trauma he suffered from the accident, and $10,000 for punitive damages 1. For meeting his performance goals this year. Ryan was informed on December 27 that he would receive a $7,500 year. end bonus. Di (located in Houston Texas) mailed Ryan's bonus check from its payroll processing center (Tampa, Florida) on December 28. Ryan didn't receive the check at his home until January 2 m. Diana is a 10 percent owner of MNO Incorporated, a Subchapters corporation. The company reported ordinary business income for the year of $142,000 Diana acquired the MNO stock two years ago n Diana's day care business collected $160,000 in revenues. In addition, customers owed her 515,500 at year-end. During the year, Diana spent $18,000 for supplies, $14,000 for utilities, $40,000 for rent, and $1,750 for miscellaneous expenses. One customer gave her use of his vacation home for a week (worth $15,000) in exchange for Diana allowing his child to attend the day care center free of charge. Dlana accounts for her business activities using the cash method of accounting o Ryan's employer pays the couple's annual health insurance premium of $18,000 for a qualified plan 1. Assuming the Workmans file a joint tax return, determine thelt gross income minus expenses on the daycare business (this is called total income on the Form 1040) Gross income 3. Assuming the Workmans live in California, a community property state, and that Diana and Ryan file separately, what is Ryan's gross income minus expenses on the daycare business? Gross income 2. Complete profom 1000 und Schule for Womenting M. Out the values pouve numbers Enter any non financial information Name Addresses EXACTLY they appear in any given information or Problem Stonement. Do not ierows, while entering in Deductions of Form 1040 PGI) Ryan 1010 NW 135th Street Social Security numbers Ryan 122.3333 Dana 222-33-4444 Jorge 333-44.5555 1040 for a couple Harried in only with a dependent 10 PG 1 sche Form 10-40 Page 1 Form 1040 U.S. Individual Income Tax Return O ON 2020 OO RO Standard Deduction B One where lorom 55.000 hecho de care centre of the of accoun The chance 4. Complete page om 10 though and schedulot yan man nout the values as per Emery non-financial information, Names Act EXACTLY they spear in any given information Problem nemen. De not ship. Weg in Deductions of Form 1040 PGI) Ryan address is 19010 NW 3 Set social security Ryan 2-3 Dana 222-33-4444 Jorge 3.44.5555 1040 for a personlig separately 1040 PG Sched Form 1040 Page 1 Form 1040 Status U.S. Individual Income Tax Return 2020 Oure O he O. Ch Sipas name and L www