Carolyn has been contributing to a pre-tax retirement account. Her youngest child is ready to start college, and Carolyn wants t

Question

1 year ago

8

Carolyn has been contributing to a pre-tax retirement account. Her youngest child is ready to start college, and Carolyn wants t

o withdraw $61,671.71 from the account for tuition. Carolyn's tax bracket this year is 25%, and she knows she will have to pay a 10% early withdrawal penalty. How much money will she pay in taxes and penalty ?

Mathematics

1 answer:

Flauer [41] · Answer 1 · 2023-06-21T01:34:38+03:00

Flauer [41]1 year ago

6 0

Answer: 77,089.64 or 83,256.81

Step-by-step explanation:

Either or because it doesnt specify is she has to pay 10% and 25% or 10% early and 15% later on. If you know then the lower answer is 10% now and 15% later on. GL!