3) Sam Dichter is a self-employed individual who owns his own tax practice. His business income and expenses are as follows: Income Professional Fees Earned $2,654,137 Expenses Insurance $82,642 Utilities $24,056 Depreciation on office equipment $49,010 Depreciation on furniture $24,560 Depreciation on computer equipment $31,049 Salaries $775,771 Interest on bank loan $5,826 Supplies $69,067 Bad Debts $6,054 Travel (1,663 miles driven) - b ? Taxes & Licenses $47,009 Meals and Entertainment - a $48,620 Bank Service Charges $3,716 Office Expenses $145,025 Rent on office space $342,006 Advertising $139,446 Legal Fees $136,740 Repairs and Maintenance $28,990 a - Meals and Entertainment are only 50% deductible b - Mileage is deductible at a rate of 62.5 cents ($0.625) per mile Required: Calculate Sams taxable business profit and his self-employment tax liability. You can use a separate spreadsheet for the calculations and need not submit the Schedule C and Schedule SE.