Mike Webb is married to Nancy Webb. Nancy is employed by a large pharmaceutical company and earns a salary. Mike is an entrepreneur and has two business both of which operate as sole proprietorships. One is a profitable consulting business when Mike provides financial and retirement advise. The other involves the manufacture of Christmas novelties in China, selling the products in gift shops in the US. This business is struggling, but Mike fells the Christmas novelty business has great potential. They have two children, ages 13 and 11. The following information is for the current year: Nancy's Salary $107.000 Consulting Business: Revenues $65,000 Expenses ($12,000) Christmas Gifts Business: Revenues $22,000 Expenses (340,000) Tax Exempt Interest Income Dividends LTCG STCL State Income Tax Withheld Real Estate Tax on Home Mortgage Interest on Home Charitable Contributions Child Care Expenses paid for each child Federal Income Tax Withheld Estimated Federal Taxes Paid $2,000 $5,000 $8,000 (84,000) $14,000 $8,000 $9,000 $8.000 $4,000 $12,000 $4,000 Calculate any tax owed by the Webbs. Salary for Nancy Consulting Revenue Consulting Expenses Consulting Net Income SP Revenue SP Expenses SP Net Income Interest Income Dividends LT Capital Gain ST Capital Loss 1/2 Self Employ Tax AGI Iterized Deductions State and Local Real Estate Mortgage Interest Charitable Contra Total ID Taxable income Reg. Tax Child Tax Credit Child Care Credit SE Employment Tax $53,000 ($18.000 $35,000 x.9235 x 15.3% Withheld Est. Payments Tax Due Mike Webb is married to Nancy Webb. Nancy is employed by a large pharmaceutical company and earns a salary. Mike is an entrepreneur and has two business both of which operate as sole proprietorships. One is a profitable consulting business when Mike provides financial and retirement advise. The other involves the manufacture of Christmas novelties in China, selling the products in gift shops in the US. This business is struggling, but Mike fells the Christmas novelty business has great potential. They have two children, ages 13 and 11. The following information is for the current year: Nancy's Salary $107.000 Consulting Business: Revenues $65,000 Expenses ($12,000) Christmas Gifts Business: Revenues $22,000 Expenses (340,000) Tax Exempt Interest Income Dividends LTCG STCL State Income Tax Withheld Real Estate Tax on Home Mortgage Interest on Home Charitable Contributions Child Care Expenses paid for each child Federal Income Tax Withheld Estimated Federal Taxes Paid $2,000 $5,000 $8,000 (84,000) $14,000 $8,000 $9,000 $8.000 $4,000 $12,000 $4,000 Calculate any tax owed by the Webbs. Salary for Nancy Consulting Revenue Consulting Expenses Consulting Net Income SP Revenue SP Expenses SP Net Income Interest Income Dividends LT Capital Gain ST Capital Loss 1/2 Self Employ Tax AGI Iterized Deductions State and Local Real Estate Mortgage Interest Charitable Contra Total ID Taxable income Reg. Tax Child Tax Credit Child Care Credit SE Employment Tax $53,000 ($18.000 $35,000 x.9235 x 15.3% Withheld Est. Payments Tax Due