"There's a button missing on your jacket." In U.S. English this would be correct, but I would be more likely to say "There's a button missing from your jacket."

Yes, I know it's a multiple choice question, but I can't resist giving other alternatives. "Your jacket is missing a button." "Your jacket has a missing button." ("HAS a MISSING button" is seemingly illogical but nevertheless natural and correct). "You have a jacket button missing." "You've lost a jacket button."

There's a button missing.