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PLEASE ANSWER ASAP!! Required information [ The following information applies to the questions displayed below. ] Jacob is a member of WCC ( an LLC
PLEASE ANSWER ASAP!!
Required information
The following information applies to the questions displayed below.
Jacob is a member of WCC an LLC taxed as a partnership Jacob was allocated $ of business income from WCC for the year. Jacob's marginal income tax rate is percent. The business allocation is subject to percent of selfemployment tax and percent additional Medicare tax.
Note: Round your intermediate calculations to the nearest whole dollar amount.
b What is the amount of tax Jacob will owe on the income allocation if the income is qualified business income QBI and Jacob qualifies for the full QBI deduction?
Tax owed if income is QBI
Note: the amount of tax Jacob will owe on the income allocation if the income is not qualified business income is $
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