9.

Jhumpa, Stewart, and Kelly are all one-third partners in the capital and profits of Firewalker general partnership. In addition to their normal share of the partnerships annual income, Jhumpa 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

Long-term capital gains 1,200

Cost of goods sold (120,000)

Employee wages (75,000)

Depreciation expense (28,000)

Guaranteed payments (20,000)

Miscellaneous expenses (4,500)

Overall net income $97,000

How much self-employment income will Jhumpa report?