Calculating net income
Net Income (NI) = Gross Sales (GS) - (Costs + Depreciation + Interest)
NI = USD 800,000 - (USD 200,000 + USD 35,000 + USD 15,000) = USD 800,000 - USD 250,000 = USD 550,000
Removing tax rate amount from the NI
NI - (NI * Tax rate) = USD 550,000 - (USD 550,000 * 0.24) = USD 418,000