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Jacob is a member of WCC (an LLC taxed as a partnership). Jacob was allocated...

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Accounting

Jacob is a member of WCC (an LLC taxed as a partnership). Jacob was allocated \( \$ 115,000 \) of business income from WCC for the year. Jacob's marginal income tax rate is 37 percent. The business allocation is subject to 2.9 percent of selfemployment tax (Jacob has salary in excess of the wage base limitation) and 0.9 percent additional Medicare tax. Note: Round your intermediate calculations to the nearest whole dollar amount. Problem 15-49 Part a (Algo) a. What is the amount of tax Jacob will owe on the income allocation if the income is not qualified business income?
Jacob is a member of WCC (an LLC taxed as a partnership). Jacob was allocated \( \$ 115,000 \) of business income from WCC for the year. Jacob's marginal income tax rate is 37 percent. The business allocation is subject to 2.9 percent of selfemployment tax (Jacob has salary in excess of the wage base limitation) and 0.9 percent additional Medicare tax. Note: Round your intermediate calculations to the nearest whole dollar amount. Problem 15-49 Part b (Algo) What is the amount of tax Jacob will owe on the income allocation if the income is qualified business income (OBI) and Jacob qualifies for the full QBI deduction?

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