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How much self-employment earnings should each partner report

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Jane and Jean are general partners in JXJ Cookie Shop and share equally in the profits and losses. They have no employees. They have the following income and expenses for the current tax year: Gross receipts $ 50,000 Supplies $ 3,000 Guaranteed payment (Jane) 12,000 Depreciation 800 Guaranteed payment (Jean) 12,000 Insurance 400 Rent for shop 10,000 Telephones 2,500 Interest paid on bank loan 350 Charitable contribution 150 Utilities 3,000

Problem 1: What is the ordinary business income (loss) for JXJ during the current tax year?

Problem 2: How much self-employment earnings should each partner report on her personal tax return?

a) $ 5,800; $ 2,900
b) $ 5,950; $14,975
c) $29,950; $ 2,975
d) $ 5,800; $14,90

Reference no: EM132996165

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