1. The following information pertains to Nick Stevens, a cash basis sole proprietor, for the year ended December 31 of the current tax year: Gross receipts for business Dividend income from personal investments Cost of goods sold Other business operating expenses State business taxes Federal self-employment taxes $ 120,000 800 60,000 12,000 1,200 6,613 For the current tax year ending December 31, what would Nick's net profit from self- employment be? a) $49,200 b) $46,800 c) $47,600 d) $48,000