Jay and Bevonce come to you for tax advice. Jay is a self-employed consultant. Last year, Jay's business generated revenue of $200,000 and incurred expenses of $10,000 for rent and utilities for an office. Jay also spent $2,000 purchasing depreciable equipment used in the business and paid a part-time assistant $10,000 for work performed during the year. He hired Greg to help him with his consulting practice and paid him $20,000 for his work during the year. Jay Jay paid $3,000 for his own health insurance and $500 for term life insurance. He did not contribute to any retirement plans. Bevonce works for Disney Travels and travels for her job and was reimbursed by Disney $3,000 for her travel expenses. Beyonce spent $4,000 on other employee business expense that was not reimbursed by her employer. Disney pays Beyonce a salary of $100,000, $20,000 for her health insurance and provided $60,000 of group term life insurance to each of its employees. Bevonce contributes out of her own money $5,000 to a traditional IRA. You are a highly priced accountant. Jay and Beyonce have come to you for tax advice and would like to know the tax ramifications of each of the events and transactions listed above.