Question
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
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:
Income$12,000
Expenses:
Marketing1,500
Contract labor2,500
Equipment14,000 (bought in May and used 100% in business)
Contract labor2,000
Interest Income CDS3,000
Mortgage Interest10,000
Property Taxes5,000
Medical14,000
Business expense2,000 (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.
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