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What is amount of tax Jacob will owe on income allocation

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Question - Jacob is a member of WCC (an LLC taxed as a partnership). Jacob was allocated $135,000 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.

Required - What is the amount of tax Jacob will owe on the income allocation if the income is not qualified business income?

Reference no: EM132642103

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