Can you please provide me the Total of the Regular income tax and the Alternative Minimum Tax for Jean and Tim using this information. Please provide steps. What information should I add in the fist excel tab and the second tab?. Thank you

• Create an Excel spreadsheet with two tabs to submit your answers: one for regular income tax and one for the AMT.
• Compute both regular income tax and AMT for Jean and Tim using the information provided.
• Access the information in the links below as needed.

1. Use the case study information to answer the questions below Case Study Jean and Tim, the parents of two children, had the following tax facts: Income: - Wages: $400,000 - Business Income: $89,500 - 1202 Capital Gain (stock purchased in 2012): \$45,000 - Interest Income: $8,500 Itemized Deductions: - 1/2 Self-Employment Tax: $1,198 - Medical Expenses: \$44,000 - Casualty Loss (Federal disaster): \$90,000 - Housing Interest: $7,000 - Investment Interest: $26,000 - Personal Interest: $4,000 - Charitable Contributions: \$25,000 - State \& Local Income Taxes \& Real Estate Taxes: \$12,000 Other Tax Preferences: - Private Purpose Municipal Bond Income: $40,000 - Excess of Accelerated Depreciation: $12,000 - General Business Credit: $8,000 - Create an Excel spreadsheet with two tabs to submit your answers: one for regular income tax and one for the AMT. - Compute both regular income tax and AMT for Jean and Tim using the information provided. - Access the information in the links below as needed. - MFJ Tax Rate SchedUle MFJ Regular Tax Rate Schedule Alter. Minimum Tax (AMT) Rate Schedule Alternative Minimum Tax (AMT) Rate Schedule Alternative Minimum Tax (AMT) Exemption Amount Exemption is phased out by 25 cents for every dollar that AMTI exceeds the threshold amount