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Emily is a self-employed attorney.
a.Assuming that Emily earns $20,000 from her practice, calculate the total amount of her self-employment tax liability for 2018.
b.Assuming that Emily earns $145,000 from her practice, calculate the total amount of her self-employment tax liability for 2018.
Net Purchases
The total cost of goods bought for resale, after subtracting returns, allowances, and discounts.
Merchandise Inventory
Goods that a company holds for the purpose of selling to customers.
Payroll Tax Expense
Taxes imposed on employers or employees, and are usually calculated as a percentage of the salaries that employers pay their staff.
Inventory
The goods and materials a business holds for the purpose of resale or production.
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