Susan Generated $55,000 of Net Earnings from the Conduct of a Tax

question 57

Essay

Susan generated $55,000 of net earnings from the conduct of a tax preparation business that she operated during the tax-filing season. She also received wages of $77,000 from her full-time job. Compute the self-employment taxes due for 2017.

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Definitions:

Identical

Exactly alike; having the same form, qualities, or characteristics.

Fraternal Twins

Siblings born at the same time as a result of two different eggs fertilized by separate sperm cells, sharing 50% of their DNA.

Environmental Influences

External factors that affect an individual's development, behavior, and lifestyle choices; these can include social, physical, and cultural environments.

Intelligence

The capability to acquire knowledge through experiences, resolve issues, and apply understanding to adjust to changing circumstances.