Please use current tax rates, exemptions, and laws. Be sure to show ALL of your work so that I can give you partial credit. Use $2023$ tax law.

Use these instructions: $2023$ Instruction $1040($irs$.$gov$).$

$10.$ Married Couple and $2$ children ages:$16$ 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:

Marketing $1,500$

Contract labor $4,500$

Equipment $14,000($bought in May and used $100\%$ in business$)$

Interest Income CDS $3,000$

Mortgage Interest $10,000$

Property Taxes $5,000$

Medical $14,000$

Business expense $2,000($Non$-$Reimbursed husband job$)$

They will file married filing jointly. Take only MACRS depreciation on the equipment. Do not elect to expense under $179$ or special deduction. Please show your work.

Compute their business income.

Compute their adjusted gross income.

Compute their itemized deductions.

Compute their taxable income.

Compute their tax liability.