Partnership JSE Associates has three general partners, Spencer, Jean and Elise, who share profits equally.

During the year, Spencer and Elise each received $200 in guaranteed payments for services. Jean received $400 in guaranteed payments for services.

In addition to guaranteed payments, the partnership's had gross receipts of $2,400, operating expenses of $1,000. Interest income was $60 and Section 179 expense was $150.

Please answer the following:

Show the calculation of the amount of the partnership's ordinary income, Page 1, Line 22 and Schedule K, Line 1 of the Form 1065:

Show the amount listed on the following lines of Spencers K-1.

• Line 1:
• Line 4:
• Line 5:
• Line 12:
• Show the amount listed on each of the following lines of Jean's K-1.
• Line 1:
• Line 4:
• Line 5:
• Line 12:
• Show the calculation of the amount of income on which Jean will pay self-employment tax: