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A. Complete page 1 of Form 1040 up to line 8b. B. Complete Schedule 1 of Form 1040. (Use 2020 tax rules.) Hello, my name
A. Complete page 1 of Form 1040 up to line 8b.
B. Complete Schedule 1 of Form 1040.
(Use 2020 tax rules.)
Hello, my name is Shady Slim. I understand you are going to help me figure out my gross income for the year ... whatever that means. It's been a busy year and I'm a busy man, 50 let me give you the lowdown on my life and you can do your thing. I was unemployed at the beginning of the year and got $2.000 in unemployment compensation. I later got a job as a manager for Roca Cola. I eamed $57,250 in base salary this year. My boss gave me a $5,900 Chistmas bonus check on December 22 I decided to hold on to that check and not cash it until next year, so I won't have to pay taxes on it this year. Pretty smart, huh? My job's pretty cool. I get a lot of fringe benefits like a membership to the gym that costs $445 a year and all the Roca Cola I can drink, although I can't really drink a whole lot-1 figure $40 worth this year. As part of my manager dutles, I get to decide on certatn things like contracts for the company. My good buddy, Eddie, runs a botting company. I made sure that he won the botting contract for Roca Cola for this year feven though his contract wasn't qulte the best). Eddie bought me a Corvette this year for being such a good frlend. The Corvette cost 359,000 . and I'm sure he bought it for me out of the goodness of his heart. What a great guy! Here's a bit of good luck for the year. Upon leaving my office one day. I found $8,450 lying in the streeti Well, one person's bad luck is my good luck, night? Ilike to gamble a lot. I won a $28,350 poker tournament in Las Vegas this year. I also won about $5,180 over the year playang the guys at our Filday night poker game. Can you believe that I didn't lose anything this year? Speaking of the guys, one of them hit me with his car as we were leaving the game one night. He must have been pretty ticked that he lost I broke my right leg and my left arm. I sued the guy and got $12,800 for my medical expenses and $3.450 to pay my psychotherapist for the emotional problems I had relating to the injuries (I got really depressedl), and I won $12,900 in punitive damages. That'll teach him that he's not so tough without his car! Another bit of bad luck. My uncle Monty died this year. I really liked the guy, but the $245.000 inheritance I recelved from him made me feel a iltie better about the loss. I did the smart thing with the money and invested it in stocks and bonds and socked a ittie into my savings account. As a result, I recelved $645 in dividends from the stock, 5245 in interest from the municipal bonds, and $345 in I aterest from my savings account. My ex-wife, Allce. is still paying me alimony. She's a lawyer who divorced me in 2015 because I was "unethical" or something like that. Because she was makang so much money and I was unemp oyed at the time, the Jucge ruled that she had to pay ME alimony. Isn't that something? She sent me $3.900 in alimony payments this year. She still kind of likes me, though. She sent me a check for $545 as a Christmes git this year. I clen't get her anything, though. So there you go. That's this year in a nutsheil. Can you figue out ny gross income and complete page 1 of form 1040 Fhrouinh ine 7b; and Scheoule ifor me? And because yoy'e a student, this li free, rlght? Thanks, i owe you one let meStep by Step Solution
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