Answered You can hire a professional tutor to get the answer.

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

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:

Marketing                   1,500

Contract labor            2,500

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

Contract labor            2,000

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

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.

Show more
LEARN MORE EFFECTIVELY AND GET BETTER GRADES!
Ask a Question