Mike Is a Self-Employed TV Technician

question 33

Essay

Mike is a self-employed TV technician.He is usually paid as soon as he completes repairs but occasionally bills a customer with payment expected within 30 days.At the end of the year, he has $2,500 of receivables outstanding.He expects to collect $1,200 of this and write off the remainder.Mike is a cash basis taxpayer and had net earnings from his business (not including the effect of the items above) of $55,000.He also had $3,500 interest income and $200 gambling winnings, and he sold corporate stock for $7,000.The stock had been purchased in 2015 for $8,200.Mike is single and claims the standard deduction.What is his 2019 taxable income? (Ignore the self-employment tax deduction.)

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Definitions:

Victims

Individuals who have suffered harm, injury, or injustice, whether psychologically, physically, or emotionally, due to the actions or negligence of others.

Sexual Harassment

Sexual harassment involves unwanted sexual advances, or obscene remarks or actions, typically in the workplace or academic settings.

Customer Complaints

Expressions of dissatisfaction or grievances from customers about a product or service.

Improvements

Enhancements or upgrades made to processes, products, or systems to increase efficiency, effectiveness, or satisfaction.