Paul is an analyst at an investment bank. He notices that many of the senior executives at his office wear Rolex watches, so he decides to save up and buy a Rolex so that he will appear to be more like those executives. Paul's comparison of his own material possessions with those owned by others to determine his relative social standing is an example of .

Jacob is a member of wcc (an llc taxed as a partnership). jacob was allocated $155,000 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 and 0.9 percent additional medicare tax. (round your intermediate calculations to the nearest whole dollar 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?