In 2018, Tom Had Net Earnings of $80,000 from the Plant

question 15

Essay

In 2018, Tom had net earnings of $80,000 from the plant nursery he owns.What is his liability for self-employment taxes on his earnings?

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Definitions:

Archaea

One of the two prokaryotic domains. The absence of peptidoglycan in their cell walls sets them apart from the bacteria. Compare with bacteria.

70S Ribosomes

Ribosomes typical in prokaryotes and mitochondria, involved in the synthesis of proteins, comprised of a 50S and a 30S subunit.

Crenarchaeota

A phylum of Archaea that includes thermophilic, acidophilic, and psychrophilic microbes, often found in extreme environments.

Sulfur Bacteria

A group of bacteria that oxidize sulfur compounds to obtain energy, playing a key role in the sulfur cycle in the environment.