Jhumpa, Suwart, and Kelly are all one-third partners...
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Jhumpa, Suwart, and Kelly are all one-third partners in the capital and profits of Firewalker general partnership. In addition to their normal share of the partnership's annual income Shumpa and Stewart receive an annual Guaranteed payment of $10,000 to compensate them for additional services they provide Firewalkers income statement for the current year reflects the following revenues and expenses Sales revenue $340.500 Interest income 3.300 1.200 (217.000) Long-term capital gains Cost of goods sold Employee wages Depreciation expense Guaranteed payments Miscellaneous expenses 75,000 28.000) 120.000 (4500) How much self-employment income will Jumpa report Jhumpa, Suwart, and Kelly are all one-third partners in the capital and profits of Firewalker general partnership. In addition to their normal share of the partnership's annual income Shumpa and Stewart receive an annual Guaranteed payment of $10,000 to compensate them for additional services they provide Firewalkers income statement for the current year reflects the following revenues and expenses Sales revenue $340.500 Interest income 3.300 1.200 (217.000) Long-term capital gains Cost of goods sold Employee wages Depreciation expense Guaranteed payments Miscellaneous expenses 75,000 28.000) 120.000 (4500) How much self-employment income will Jumpa report
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