LO 9-4 64. 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 partner- ships annual income, Jhumpa and Stewart receive an annual guaranteed payment of $10,000 to compensate them for additional services they provide. Firewalker's income statement for the current year reflects the following revenues and expenses: Sales revenue $ 340,000 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 CHAPTER 9 Forming and Operating Partnerships 9-47 a) Given Firewalker's operating results, how much ordinary business income (loss) and what separately stated items (including the partners' self-employment earn- ings (loss)] will it report on its return for the year? b) How will it allocate these amounts to its partners? c) How much self-employment tax will each partner pay assuming none has any other source of income or loss