Below are the balance sheet and income statement. Assuming Jeff and JoAnn this year started this same business that they run as a general partnership, prepare the Partnership income tax return for 2022. They each contributed $500 ($1,000 total) as their initial capital contribution. They each received a guaranteed payment from the business which is subject to self-employment tax. You should complete a Form 1065 including a Form 4562 and Schedule B-a. Note: In computing the income distributed on this K-1. There were no salaries only the Line 1 income and the medical insurance paid by the partnership was shown as a guaranteed payment to partners and reported on a separate line. The section 179 depreciation was also reported separately. Attached are the balance sheet and income statement. Assuming Jeff and JoAnn this year started this same business that they run as a general partnership, prepare the Partnership income tax return for 2022. They each contributed $500 ($1,000 total) as their initial capital contribution. They each received a guaranteed payment from the business which is subject to self-employment tax. You should complete a Form 1065 including a Form 4562. Note: In computing the income distributed on this K-1. There were no salaries only the Line 1 income and the medical insurance paid by the partnership was shown as a guaranteed payment to partners and reported on a separate line. The section 179 depreciation was also reported separately. A copy of the K-1s issued is located in McGraw Hill at Tax return 1-2 Resources.

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Income Statement
Consulting revenue	$256,000
Salaries expense, employees	100,000
Payroll tax expense	18,000
Owners Draw	70,000
Rent expense	12,000
Depreciation	2,000
Travel expense	4,000
Health Insurance (employees)	6,000
Health Insurance (owners)	4,000
Meals catered by local restaurant	1,000
Entertainment	1,000
Supplies	5,000
Net Book Income	$33,000
Balance Sheet
Assets:
Cash	26,000
Computer	10,000
Computer A/D	-2,000
Total Assets:	$34,000
Partner contributions	1,000
Retained Earnings	33,000
Total Liabilities and Equity	$34,000