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Alex and Maura are partners in a candy shop. After all expenses, the accounts show a net income of $95,000 for the year ended 30
Alex and Maura are partners in a candy shop. After all expenses, the accounts show a net income of $95,000 for the year ended 30 June 2020. This is after a payment of $80,000 to Alex and $55,000 to Maura by way of salary. The net income of the practice after salaries is to be split evenly.
What is the taxable income of each partner
Select one:
$127,500 for Alex and $102,500 for Maura
$115,000 for Alex and $115,000 for Maura
$175,000 for Alex and $150,000 for Maura
$80,000 for Alex and $55,000 for Maura
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