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kkurt [141]
3 years ago
14

Brooklyn has been contributing to a traditional IRA for seven years (all deductible contributions) and has a total of $30,000 in

the account. In 2019, she is 39 years old and has decided that she wants to get a new car. She withdraws $20,000 from the IRA to help pay for the car. She is currently in the 24 percent marginal tax bracket. What amount of the withdrawal, after tax considerations, will Brooklyn have available to purchase the car?
Business
2 answers:
miss Akunina [59]3 years ago
8 0

The correct answer is $13,200

  • Total amount contributed to IRAs for 7 years = $30,000
  • The amount she withdraws to get a new car = $20,000
  • Marginal tax bracket = 24 percent
<h2>Further Explanation</h2>

To determine the after tax withdrawal, you should subtract the amount she withdraws from her account from the 10% penalty charges (according to the condition of the Roth IRA withdrawal) and also subtract the derived value from the marginal tax bracket of the amount she withdraw.

Therefore, if you substitute the above values, then you have:

$20,000 - 0.1 × 20,000 - 0.24 × 20,000

= $20,000 - 2,000 - 4,800

= $13,200

In Roth IRAs (individual retirement account), your age and the reason why you withdrawal from your contributions determine how much you will pay as taxes.

Also, if you are not above 59 and half years of age, you will be penalized if you withdraw from your account. Since Brooklyn is not up to the age of 59 and half, then she will have to pay a 10% penalty for withdrawing from her IRAs account.

LEARN MORE:

  • Mindy has a Roth IRA held longer than 5 years to which she has contributed $30,000 brainly.com/question/13178480
  • Valerie deposited $2000 into an ira that grew to $5000 by retirement. brainly.com/question/4759212

KEYWORDS:

  • IRAs
  • withdrawal
  • traditional IRAs
  • marginal tax bracket
  • brooklyn
Zolol [24]3 years ago
6 0

Answer: $13,200

Explanation:

Given that,

Contributing to a traditional IRA = 7 years

Total in account = $30,000

Withdrawal from IRA to help pay for the car = $20,000

marginal tax bracket = 24 percent

Therefore,

After tax withdrawal:

= Withdraws - 10% penalty as per IRS for early withdrawal - 24% tax on $20,000

= $20,000 - 0.1 × 20,000 - 0.24 × 20,000

= $20,000 - 2,000 - 4,800

= $13,200

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Dozier Company produced and sold 1,000 units during its first month of operations. It reported the following costs and expenses
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Answer:

Required 1

<u>Part a</u>

<em>Total Product cost = Variable manufacturing costs + Fixed manufacturing costs</em>

where,

Variable manufacturing costs = ($84,000 + $42,500 + $21,000) ÷ 1,000 units = $147.50

Fixed manufacturing costs = $32,500 ÷ 1,000 units = $32.50

therefore,

Total Product cost = $147.50 + $32.50 = $180.00

<u>Part b</u>

<em>Total period cost = variable non- manufacturing costs + fixed non-manufacturing costs</em>

where,

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therefore,

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Required 2

<u>Part a</u>

<em>total direct manufacturing cost = Direct Materials + Direct Labor + Direct (Variable) Manufacturing Overheads</em>

therefore,

total direct manufacturing cost = $84,000 + $42,500 + $21,000 = $147,500

<u>Part b</u>

<em>total indirect manufacturing cost = fixed manufacturing costs</em>

therefore

total indirect manufacturing cost = $32,500

Required 3

<u>Part a</u>

<em>total manufacturing cost = variable manufacturing cost + fixed manufacturing costs</em>

therefore,

total manufacturing cost = $84,000 + $42,500 + $21,000 + $32,500 = $180,000

<u>Part b</u>

<em>total non-manufacturing cost = variable non-manufacturing cost + fixed non-manufacturing cost</em>

therefore,

total non-manufacturing cost = $20,500 + $52,000 = $72,500

<u>Part c</u>

<em>total conversion cost = direct labor cost + manufacturing overheads</em>

therefore,

total conversion cost = $42,500 + $21,000 + $32,500 = $96,000

<em>prime cost = direct material + direct labor</em>

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Required 4

<u>Part a</u>

<em>total variable manufacturing cost = direct materials + direct labor + variable manufacturing costs</em>

therefore,

total variable manufacturing cost = $84,000 + $42,500 + $21,000 = $147,500

<u>Part b</u>

<em>total fixed cost = fixed manufacturing costs + fixed non-manufacturing costs</em>

therefore,

total fixed cost = $32,500 + $52,000 = $84,500

<u>Part c</u>

<em>variable cost per unit produced and sold = variable manufacturing cost + variable non-manufacturing</em>

therefore,

variable cost per unit produced and sold = $147.50 + ($20,500 ÷ 1,000) = $168.00

Required 5

<em>incremental manufacturing costs =  variable manufacturing costs</em>

therefore,

incremental manufacturing cost = ($84,000 + $42,500 + $21,000) ÷ 1,000 units = $147.50

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Which method is the most efficient method to use to solve x^2+6x-7=0?
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Answer:

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