Jacob is a member of wcc (an llc taxed as a partnership). jacob was allocated $100,000 of business income from wcc for the year. jacob's marginal income tax rate is 37%. the business allocation is subject to 2.9% of self-employment tax and 0.9% additional medicare tax. a) what is the amount of tax jacob will owe on the income allocation if the income is not qualified business income? 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 duduction
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Jacob is a member of wcc (an llc taxed as a partnership). jacob was allocated $100,000 of business i...
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