Calculate FinCo's Net Income For Tax Purposes from business income based on the following set of facts:

Revenues from sales $200,000

Expenses:

Salaries $120,000

Depreciation 8,000

Financing Fees 10,000

Meals & Entertainment 1,000

Net Income before tax $61,000

Tax Expense $10,000

Net Income $51,000

CCA $12,000

8 year old son earns $50,000 for odd jobs, would cost approximately $10,000 to hire someone else.