Required information Problem 04-49 (LO 04-3) (Algo) [The following information applies to the questions displayed below.] Jacob is a member of WCC (an LLC taxed as a partnership). Jacob was allocated $165,000 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 self-employment 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 04-49 Part b (Algo) 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? Answer is complete but not entirely correct. Tax owed if income is QBI $ 55,110 x