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

a) $60,000 b) $46,800 c) $47,600 d) $48,000