Alex and bailey opened a dance studio together as general partners. they each invested $10,000 of their personal savings. after one year in business, they decided to close the doors. their partnership agreement said they would divide profits and losses 50/50. they have more debt than assets. alex and bailey will each

Jaynet spends $30,000 per year on painting supplies and storage space. she recently received two job offers from a famous marketing firm – one offer was for $85,000 per year, and the other was for $120,000. however, she turned both jobs down to continue a painting career. if jaynet sells 40 paintings per year at a price of $4,000 each:

Fess receives wages totaling $74,500 and has net earnings from self-employment amounting to $71,300. in determining her taxable self-employment income for the oasdi tax, how much of her net self-employment earnings must fess count? a. $74,500 b. $71,300 c. $53,900 d. $127,200 e. none of the above.

3. describe the purpose of the sec. (1-4 sentences. 2.0 points)