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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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