please help with this question
Married Couple and 2 children 16 and 17
Husband earns $75,000 (and withholds tax of $10,000)
Wife earns teaching $45,000 (and withholds tax of $6,000)
In the summer, the wife runs a summer camp program and has the following items:
Contract labor 2,500
Equipment 14,000 (bought in May and used 100% in business)
Contract labor 2,000
Interest Income CDS 3,000
Mortgage Interest 10,000
Property Taxes 5,000
Business expense 2,000 (Non-Reimbursed husband job)
They will file married filing jointly. Take only MACRS depreciation on the equipment
but do not elect to expense under 179. Please show your work.
Compute their business income and their taxable income.
e. Compute their tax liability.