Mike, single, age 31, had the following items for 2018:
Compute Mike's taxable income for 2018.
Definitions:
Net Income
The total profit of a company after all expenses and taxes have been deducted from total revenues.
Income From Operations
Earnings generated from a company's regular business activities, excluding revenues and expenses from non-operating activities.
Sales
The total revenue generated from goods or services sold by a company during a specific period, indicating the primary source of business income.
Cost Of Goods Sold
Direct spending on materials and labor required to produce the merchandise a company sells.
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