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Hello, my name is Wolverine. Glad to hear you are willing to be my new tax advisor. My business manager is not so good at
Hello, my name is Wolverine. Glad to hear you are willing to be my new tax advisor. My business manager is not so good at taxes. He says we should start with my Gross Income - whatever that means. Hopefully you can explain it to me so I understand. So, let me tell you about my year and you can let me know if you need more information than that. I had a lot of good thing happen but also a couple of setbacks. First, I got a promotion to manager for Marvel Snack World, Inc. in January. I earned $210,000 in base salary this year. Hopefully I will earn some kind of bonus next year also. As part of my manager duties, I get to decide on certain things like contracts for the company. My good buddy, Thor, runs a logistics and shipping company. I made sure that he won the new shipping contracts (in October) for the Asgard region for this year (even though his bid wasn't the best of the lowest). He should be able to make $500,000 or more per year from the contract for the next 5 years. Glad to help such a good buddy. I like to gamble a lot. I won $40,000 betting on the Rogue Challenge. I also won about $7,200 over the year at our Friday night Liars Poker games. Unfortunately, I lost $30,900 betting on Groot racing and another $4,000 on my fantasy Storm Challenge league. Still my winnings were better than my losing so that is good right?? I purchased a used desk at a local resale store to put in my home office. When I was cleaning out the drawers I found an envelope with $22,000 inside in the hidden drawer. What a great day. Oh, and I won the trip from a local travel agency in a radio contest in February. They said the trip was worth $8,700. I have been living right. My good friend, Thor, bought me a Tesla Model S Plaid this year in December that cost $155,000. He is a really good friend so I am really glad I was able to help him get that logistics contract. Even though it was a pretty good year I did have a few setbacks. My boss told me on December 2 that they were laying me off from the company. They gave me a $35,000 severance check on December 28. 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? And I was able to collect $6,250 in unemployment compensation due to being laid off Also, my great uncle, Iron Man, died this year in July. He was my favorite uncle (he was my only uncle). He left me $670,000 in cash and $240,000 worth of stock in his will. I invested some of the cash in stocks and bonds and put the rest into my savings account. As a result, I received $32,900 in dividends from the stock $14,400 in interest from the municipal bonds, and $15,900 in interest from my savings account. One of the stocks - Rabbit Inc had a great year. I bought 1,000 shares for $6 a share and at the end of the year it was up to $65 a share. Nice right? Finally, on a more upbeat note, my ex-wife, Jean Grey, is still paying me alimony. She's a chemist who divorced me in 2014. Since she was making so much money, and I was unemployed at the time, the judge ruled that she had to pay ME alimony. She sent me $25,000 in alimony payments this year. She must still kind of like me, though. She sent me a check for $900 for Christmas this year. I sent her a fruit basket I think that's everything. Thanks for all your help - can't wait to see what you come up with Gross Income Use the table below to show what you did and did not include in Gross Income and your explanation. Feel free to add additional rows if necessary. Omitting these explanations will result in points being deducted. Amount Explanation
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