Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

To my friendly student tax preparer: Hello, my name is Shady Slim. I understand you are going to help me figure out my gross income

To my friendly student tax preparer:
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. Its been a busy year and Im a busy man, so 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 earned $60,000 in base salary this year. My boss gave me a $7,000 Christmas bonus check on December 22. I decided to hold on to that check and not cash it until next year, so I wont have to pay taxes on it this year. Pretty smart, huh? My jobs pretty cool. I get a lot of fringe benefits like a membership to the gym that costs $500 a year and all the Roca Cola I can drink, although I cant really drink a whole lotI figure $40 worth this year.
As part of my manager duties, I get to decide on certain things like contracts for the company. My good buddy, Eddie, runs a bottling company. I made sure that he won the bottling contract for Roca Cola for this year (even though his contract wasnt quite the best). Eddie bought me a Corvette this year for being such a good friend. The Corvette cost $70,000, and Im sure he bought it for me out of the goodness of his heart. What a great guy!
Heres a bit of good luck for the year. Upon leaving my office one day, I found $9,000 lying in the street! Well, one persons bad luck is my good luck, right?
I like to gamble a lot. I won a $30,000 poker tournament in Las Vegas this year. I also won about $5,400 over the year playing the guys at our Friday night poker game. Can you believe that I didnt 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 $15,000 for my medical expenses and $4,000 to pay my psychoth
b-1. Complete page 1 of Form 1040(through line 8b) using 2020 guidelines.
Please list out which parts go on the form as that is where most of my confusion is.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Using Financial Accounting Information The Alternative to Debits and Credits

Authors: Gary A. Porter, Curtis L. Norton

10th edition

978-1337276337, 1337276332, 978-1337517546, 1337517542, 978-1337491471

More Books

Students also viewed these Accounting questions

Question

Explain the importance of staffing in business organisations

Answered: 1 week ago

Question

What are the types of forms of communication ?

Answered: 1 week ago

Question

Explain the process of MBO

Answered: 1 week ago

Question

What is a collection?

Answered: 1 week ago

Question

What are some techniques for scanning for dirty data?

Answered: 1 week ago

Question

What is the syntax of CREATE TABLE?

Answered: 1 week ago