Formula to divide a lump sum by percentages
A partner and I made an agreement with a contractor.
We would work as subcontractors.
For our portion of work, my partner and I get 17% of the profit from the job. This will be paid to us jointly as a lump sum.
Before we completed any work as subcontractors, my partner and I agreed to share our combined earnings as follows: my partner will get 4% and I will receive get 13%.
If the lump sum paid to us is $1000:
1. How do we compute the 4% (due my partner) and 13% (due to me)?
2. Is there a simple formula we can use for future jobs?