Robert Lento, the sole proprietor of a consulting business, has gross receipts of $600,000 in 2017.Expenses paid by his business are:

Advertising$2,500

Employee Salaries150,000

Office rent 24,000

Supplies18,000

Taxes and licenses17,000

Travel (other than meals)3,800

Meals and entertainment2,400

Utilities3,800

Employee health insurance premiums6,600

Health insurance premiums for Robert2,200

Robert purchased a new car for his business on May 15 for $28,000.He also purchased $50,000 of new 5-year equipment and $238,000 of used 7-year fixtures on August 1.Robert drove the car 10,000 miles (8,000 for business and 2,000 personal miles).He paid $200 for business-related parking and tolls.He also paid $1,000 for insurance and $1,200 for gasoline and oil for the new car.He would like to maximize his deductions.

a.What is Robert's net income (loss) from his business?

b.How much self-employment tax must Robert pay?

c.If this is Robert's only source of income, what is his adjusted gross income?