Xinran, who is married and files a joint return, owns a grocery store. In 2023 , his gross sales were $276,000 and his operating expenses were $320,000. Other items on his 2023 return were as follows: In 2024, Xinran provides the following information: the 2024 standard deduction (after adjustment for inflation). 2. 80% of taxable income computed in step 1:$ (3) Determine final taxable income: Net business income Salary Interest income NOL deduction Adjusted gross income Less: Itemized deductions Charitable contributions Medical expenses Less: Deduction for qualified business income: Grocery store Taxable income