John Has $55,000 Net Earnings from a Sole Proprietorship

question 84

Multiple Choice

John has $55,000 net earnings from a sole proprietorship.John is also employed part-time by a major corporation and is paid $25,000.John's self-employment tax (rounded) for 2015 is

• A)$3,886.
• B)$4,208.
• C)$7,771.
• D)$8,415.

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Definitions:

Irreversibility

A characteristic of processes that cannot be reversed, meaning once they occur, the state of the system cannot be returned to its original state.

False Belief

Refers to the understanding that another person's belief may be different from one's own and may not reflect reality.

Centration

The tendency, especially in young children, to focus on one aspect of a situation while neglecting others.

Sociocultural Perspective

An approach in psychology that examines how societal and cultural influences shape individual behavior, attitudes, and development.