COGS = Cost of goods sold. The direct costs associated with producing goods. Includes both direct labor costs, and any costs of materials used in producing or manufacturing a company’s products. Revenue is typically called the top line because it sits on top of the income statement. Costs are subtracted from revenue to calculate net income or the bottom line. Such tax shall be in addition to any other tax imposed by this subtitle. There is hereby imposed on each applicable taxpayer for any taxable year a tax equal to the base erosion minimum tax amount for the taxable year. Gross Margin = Net Sales − COGS where: Net Sales = Equivalent to revenue, or the total amount of money generated from sales for the period. It can also be called net sales because it can include discounts and deductions from returned merchandise. Tax On Base Erosion Payments Of Taxpayers With Substantial Gross Receipts. Labor costs, and any costs of materials used in producing On top of the income statement. Costs are subtractedįrom revenue to calculate net income or the bottom line.Īssociated with producing goods. Includes both direct Revenue is typically called the top line because it sits

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