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nexus9112 [7]
3 years ago
11

Jacque Solis (age 38) is leaving her current job and would like to take a long vacation before starting new employment. She has

$65,000 in a qualified plan that she would like to live on during this period. If she is in a 25 percent marginal tax bracket, how much will she have left after paying taxes and penalties?
Business
1 answer:
Montano1993 [528]3 years ago
7 0

Answer:

Jacque Solis will have $42250 left after paying taxes and penalties

Explanation:

given data

present age = 38

qualified plan = $65,000

marginal tax = 25 %

to find out

how much will she have left after paying taxes and penalties

solution

as here qualified plan is an employer sponsored retirement plan that qualifies for special tax treatment under Section 401 (a) of Internal Revenue Code

and tax for 25 % will be here as  

Tax 25% = $65,000 × 25%

tax = $16,250

and Penalties will be here for 10 % is  

Penalties 10% = $65,000 × 10%

Penalties = $6500

so  

Net available = $65,000 - $16,250 - $6500

Net available = $42250

so Jacque Solis will have $42250 left after paying taxes and penalties

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