My activity covers my web hosting and a bit more so I'm not making too much on it. You will get a tax document from Google at the end of the year that you need to incorporate into your taxes as income.
The more popular your pages are, the more ads will be served. A clicked ad gets anywhere from 0.01 to over a 1.00. You don't get to control much in the way of ads or how much you get per click. My small sites range from a $1/day to over $10/day and it varies every day with my monthly average just over $100. Since my page views are rather consistent, it's more the ads that were served and the site visitors willingness to click on those ads that determines my take.
You need to find a balance with the placement and number/style of ads you place on your site without annoying your site visitors. Having a popular and relevant site is most important since if you aren't receiving traffic, nothing else matters. There are articles all over the web and books written on it both from the advertiser's standpoint and the site serving the ads. I'd look online first as it seems you are for info on optimizing adsense and see if there are any hints you find useful.--
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