Question
In: Accounting
Jacob is a member of WCC (an LLC taxed as a partnership). Jacob was allocated $115,000...
Jacob is a member of WCC (an LLC taxed as a partnership). Jacob was allocated $115,000 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 amount.)
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 deduction?
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Jacob is a member of WCC (an LLC taxed as a partnership). Jacob was allocated $115,000...
Jacob is a member of WCC (an LLC taxed as a partnership). Jacob
was allocated $115,000 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 amount.)
a. What is the amount of tax Jacob will owe on
the income allocation if the income is not qualified business...
Jacob is a member of WCC (an LLC taxed as a partnership). Jacob was allocated $60,000...
Jacob is a member of WCC (an LLC taxed as a partnership). Jacob
was allocated $60,000 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 amount.)
a. What is the amount of tax Jacob will owe on
the income allocation if the income is not qualified business...
Jacob is a member of WCC (an LLC taxed as a partnership). Jacob was allocated $100,000...
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 percent. The business
allocation is subject to 2.9 percent of self-employment tax and .9
percent 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...
Jacob is a member of WCC (an LLC taxed as a partnership). Jacob was allocated $100,000...
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...
Jacob is a member of WCC (an LLC taxed as a partnership). Jacob was allocated $55,000...
Jacob is a member of WCC (an LLC taxed as a partnership). Jacob
was allocated $55,000 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 amount.)
a. What is the amount of tax Jacob will owe on
the income allocation if the income is not qualified business...
Jacob is a member of WCC (an LLC taxed as a partnership). Jacob was allocated $170,000...
Jacob is a member of WCC (an LLC taxed as a partnership). Jacob
was allocated $170,000 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
amount.)
a.
What is the amount of tax Jacob will owe on the income allocation
if the income is not qualified business...
Jacob is a member of WCC (an LLC taxed as a partnership). Jacob was allocated $90,000...
Jacob is a member of WCC (an LLC taxed as a partnership). Jacob
was allocated $90,000 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 amount.)
3.Jacob is a member of WCC (an LLC taxed as a partnership). Jacob was allocated $120,000...
3.Jacob is a member of WCC (an LLC taxed as a partnership).
Jacob was allocated $120,000 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 .9
percent additional Medicare tax. What is the amount of tax Jacob
will owe on the income allocation if the income is not qualified
business income?
4.Same facts as in Question 3 above. What is the...
3.Jacob is a member of WCC (an LLC taxed as a partnership). Jacob was allocated $120,000...
3.Jacob is a member of WCC (an LLC taxed as a partnership).
Jacob was allocated $120,000 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 .9
percent additional Medicare tax. What is the amount of tax Jacob
will owe on the income allocation if the income is not qualified
business income?
4.Same facts as in Question 3 above. What is the...
Sarah (single) is a 50 percent owner in Beehive LLC (taxed as a partnership). Sarah does...
Sarah (single) is a 50 percent owner in Beehive LLC (taxed as a
partnership). Sarah does not do any work for Beehive. Beehive LLC.
reported $600,000 of taxable business income for the year (2020).
Before considering her 50 percent business income allocation from
Beehive and the self-employment tax deduction (if any), Sarah’s
adjusted gross income is $150,000 (all employee salary). Answer the
following questions for Sarah.
What is Sarah’s net investment income tax liability (assume no
investment expenses)?
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