James Jones is the owner of a small retail business operated as a sole proprietorship.
During 2015, his business recorded the following items of income and expense:

Revenue from inventory sales.............................................$147,000
Cost of goods sold.....................................................................33,500
Business license tax................................................................... 2,400
Rent on retail space..................................................................42,000
Supplies......................................................................................15,000
Wages paid to employees........................................................22,000
Payroll taxes................................................................................1,700
Utilities.........................................................................................3,600

a. Compute taxable income attributable to the sole proprietorship by completing Schedule C to be included in James’s 2015 Form 1040.
b. Compute self-employment tax payable on the earnings of James’s sole proprietorship by completing a 2015 Schedule SE, Form 1040.