Required information [The following information applies to the questions displayed below) Diana and Ryan Workman were married on January 1 of last year. Diana has an eight-year-old son, Jorge from her previous marriage. Ryan works as a computer programmer at Datafile Incorporated (D1) earning a salary of S108,500 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 earned a $108.500 salary for the year. b. Ryan borrowed $14,500 from Dl to purchase a car. Di charged him 2 percent interest (5290) on the loan, which Ryan paid on December 31 DI would have charged Ryan S970 if interest had been calculated at the applicable federal interest rate. Assume that tax avoidance was not a motive for the loan c Diana received $3,250 in alimony and $7,000 in child support payments from her former husband. They divorced in 2016 d. Diana won a $1,150 cash prize at her church-sponsored Bingo game e The Workmans received $1750 of interest from corporate bonds and $1,500 of interest from a municipal bond. Diana owned these bonds before she married Ryan 1. The couple bought 100 shares of ABC Incorporated stock for $65 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, Diana also received $175,000 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 teaching 10 years of continuous service at DI 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 1) 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 For meeting his performance goals this year Ryan was informed on December 27 that he would receive a $7,500 y 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. Dlania 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 $15.500 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 o Ryan's employer pays the couple's annual health insurance premiums of $18,000 for a qualified plan fax Preparation Assignment Chapter 5 1 Parto h. The couple spent a weekend in Atlantic City in November and came home with gross gambling winnings of $3700 Ryan received $5.400 cash foc 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 $11,000 from his disability insurance Depaid 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 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 For meeting his pedomance goals this year Ryan was informed on December 27 that he would receive a 57.500 year end bonus 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 S 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 $160000 in revenues. In addition, customers owed her $15,500 at year end During the year, Olona 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 o Ryan's employer pays the couples annual health insurance premiums of $18,000 for a qualified plan a 20 points 01215 Sud 1. Assuming the Workmans file a joint tax retur determine their gross income minus expenses on the daycare business this is called total income on the Form 1040) Grosincome DES 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 Slotom 2 2. Complete page of Form 1040 through line 9 and Schedule for the Workmans for filing MEJ) Input all the values os positive numbers. Enter any non-financial information, leg Names, Addresses, social security numbers) EXACTLY s they appear in any given information or Problem Statement. Do not skip rows, while entering in Deductions section of Form 1040 PGI) Ryan address is 19010 NW 35th Street Social security numbers Ryan 11-22-3333 Dana 222 33 4444 Jorge 333-44-5555 0020 w 1040 for a couple Married Filing Jointly with one dependent. 1040 1 Schedule Form 1040 Page 1 Form 1040 Department of Trauma Reve Service U.S. Individual income Tax Return 2020 ON 15.6014 OS Og you the South HOROWE blog Status RS UOD Om Check med me Security cumber and you can Apl Pred the pouco State Cryo Foreca Forum At anime during 2020did you receive and change or one coure any francial rest in any virtual DC Tax Preparation Assignment Chapter 5 2 Pan 2013 2 Complete page 1 of Form 1040 through line 9 and Schedule for the Workmans for filing ME. (Input all the values as positive numbers, Enter any non-financial Information (eg. Names, Addresses, social security numbers) EXACTLY os they appear in any given information or Problem Statement. Do not skip rows, while entering in Deductions section of Form 1040 PG1) Ryan address is 19010 NW 35th Street Social security numbers Ryan 111.22.3333 Dana 222-33-4444 Jorge: 333-44 5555 40 01301 1040 for a couple Married Filing Jointly with one dependent 104001 Schedule Form 1040 Schedule SCHEDULE 1 (Form 1040) CMB No 1545-0074 Additional Income and Adjustments to Income 2020 Department of the Treasury Internal Revenue Service om 100 100 1040 Attach to Form 1000, 1000 SR, O 1040 NA to www.les perform t040 for instructions and the latest information Ante No 01 Part 1 Additional Income TO 2 D + EAS Ahow SA She che225/tion- oration Assignment Chapter 5 4. Complete page to form 1040 through line 9 and Schedule for Ryan Workman for Ming MES) (Input all the values as positive numbers Enter any non-financial information, (eg. Names, Addresses, social security numbers EXACTLY as they appear in any given information or Problem Statement. Do not ship rows, while entering in Deductions section of Form 1040 PGU) Ryan address is 19010 NW Sm Street Social security numbers 3033 Ryant 122.3333 Duna 222.33-4444 Jorge: 333445555 1040 for a person nting separately 100 101 Form 10-40 Page 1 Form 1040 De they are U.S. Individual income Tax Return 2020 1004 O OU OS My www Spoetit me and middel La Home PO Apt Carpost.com ON Com DO Iron 3 4. Complete page 1 of Form 1000 through line and Schedule for Ryan Workman for filing MFS) (Input all the values as positive numbers. Enter any non-financial Information, (.9. Names, Addresses, social security numbers) EXACTLY as they appear in any given information or Problem Statement. Do not skip rows, while entering in Deductions section of Form 1040 PG1) Ryan address is 19010 NW 135th Street Social security numbers 01010 Ryan 111 22-3333 Diana: 222 33-4444 Jorge: 333-44.5555 co 1040 for a person filing separately. 1040 1 Schedule 0 Form 1040 Schedule SCHEDULE 1 (Form 1040) Additional Income and Adjustments to Income OMNS 15450074 2020 Department of the Treasury Internal Revenue Service 1046 104 Attach to Form 1041, 1040-SR, of 1040 NR. Go to www.rgovin 1040 for instructions and the latest Information Achat Sunce No. 01 Part 1 2 Additional Income Then Alec Door een Der Sche 3 + RS ARE Fach compensation 2