Mario, a single taxpayer with two dependent children, has the following items of income and expense during 2021:
Gross receipts from business | $144,000 |
Business expenses | 180,000 |
Net capital gain | 22,000 |
Interest income | 3,000 |
Itemized deductions (state taxes, residence interest, and contributions) | 24,000 |
- Determine Mario’s taxable income for 2021.
- PLEASE BREAK DOWN EASY AND SIMPLE NO PARAGRAPHS

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