Required information

Problem $15-49($LO $15-3)($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 $$140,000$ of business income from WCC

for the year. Jacob's marginal income tax rate is $37$ percent. The business allocation is subject to $2\mathrm{.}9$ percent of self$-$

employment tax $($Jacob has salary in excess of the wage base limitation$)$ and $0\mathrm{.}9$ percent additional Medicare tax.

Note: Round your intermediate calculations to the nearest whole dollar amount.

Problem $15-49$ 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.

$\backslash$table$[[$Tax owed if income is QBI,$$9,404]]$