You are thinking of withdrawing all your funds; $45,000 from your 401 (k) at age 54. The normal tax rate for you would be 28%. T
he rules for withdrawing funds before the age of 59 1/2 is a 10% penalty. How much would you save if you waited until age 59 1/2?
2 answers:
Answer:
you don't save any money, you lose money instead
Explanation:
Given,
At 54, there is a tax rate of 28%
At 59½ there is a penalty of 10% with the tax rate of 28%
Therefore at 54, money left after tax = $45000*(1-0.28)=45000*0.72=$32400
At 59½, money left after tax =$45000*(1-0.10)*(1-0.28)= 45000*0.90*0.72=$29160
Money lost =29160-32400= -$3240
Answer:
The answer is D (4,500)
Step-by-step explanation:
What's 10% of 45,000? 4,500. This method actually got me the right answer!
Hope this helps!!
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