Mod $2$ HW

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II ne tollowing intormotion opplies to the questions aispioyea Delow.J

Consider the following letter and answer Shady's question.

To my friendly student tox preporer.

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$\text{'}$m a busy person, 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 $$2,000$ in unemployment compensation. I later got a job as a monager for Roca Colo. I earned $$55,000$ in base salary this year. My boss gave me a $$5,000$ Christmas bonus check on December $22$ I decided to hold on to that check and not cash it until next year, so I won't have to pay taxes on it this year. Pretty smart, huh? My job's pretty cool. I get a lot of fringe benefits like a membership to the gym that costs $$400$ a year and all the Roca Cola I can drink, although I can't really drink a whole lot$-$I 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 wasn't quite the best$).$ Eddie bought me a Corvette this year for being such a good friend. The Corvette cost $$50,000,$ and I$\text{'}$m sure he bought it for me out of the goodness of his heart. What a great friend!

Here's a bit of good luck for the year. Upon leaving my office one day, I found $$8,000$ lying in the street: Well, one person's bad luck is my good luck, right?

I like to gamble a lot. I won a $$27,000$ poker tournament in Las Vegas this year. I also won about $$5,000$ over the year playing the guys at our Friday night poker game. Can you believe that I didn't lose anything this year?

Speaking of the poker games, I got hit by a car one night while laving a game. I broke my right leg and my left arm. I sued the driver and got $$11,000$ for my medical expenses and $$3,000$ to pay my psychotherapist for the emotional problems I had relating to the injuries $($l got really depressed$).$ and I won $$12,000$ in punitive damages. That'll teach them!

Another bit of bad luck. My uncle Monty died this year. I really liked the guy, but the $$200,000$ inheritance I received from him made me feel a little better about the loss. I did the smart thing with the money and invested it in stocks and bonds and socked a little into my sovings account. As a result, I received $$600$ in dividends from the stock, $$200$ in interest from the municipal bonds, and $$300$ in interest from my savings account.

My ex$-$wife, Alice, is still paying me alimony. She's a lawyer who divarced me in $2015$ because I was "unethical" or something like that. Because she was making so much money and I was unemployed at the time, the judge ruled that she hod to pay me alimony. She sent me $$3,000$ in olimony payments this year. She still kind of likes me$,$ though. She sent me a check for $$500$ as a Christmas gift this year. I didn't get her anything, though.

So there you go$.$ That's this year in a nutshell. Con you figure out my gross income and complete page $1$ of Form $1040($through line $9)$ and Schedule $1$ for me$?$ And becouse you're a student, this is free, right? Thanks, lowe you one! Let me know if I can get you a six$-$pack of Roco Cola or something.

a$.$ Calculate the gross income.

$\backslash$table$[[$Inclusions In Gross Income,Amount$],[,],[,],[,],[,],[,],[,],[,],[,],[$Total Gross Income,$]]$