10. Jimmer has contributed $15,000 to his Roth IRA and the balance in the account is $18,000. In the current year, Jimmer withdrew $17,200 from the Roth IRA to pay for a new car. Jimmer opened the Roth account 44 months before he made the withdrawal and Jimmer is 53 years of age. If Jimmers marginal ordinary income tax rate is 25 percent, what amount of tax and penalty, if any, is Jimmer required to pay on the withdrawal?

7. Leslie participates in IBOs nonqualified deferred compensation plan. For 2022, she is deferring 10 percent of her $310,000 annual salary. Based on her deemed investment choice, Leslie expects to earn a 7 percent before-tax rate of return on her deferred compensation, which she plans to receive in 10 years. Leslies marginal tax rate in 2022 is 30 percent. Ignore payroll taxes in your analysis.Assuming Leslies marginal tax rate in 10 years when she receives the distribution is 25 percent, what is Leslies after-tax accumulation on the deferred compensation?

6. In 2022, Nina contributes 10 percent of her $100,000 annual salary to her 401(k) account. She expects to earn a 8 percent before-tax rate of return. Assuming she leaves this in the account until she retires in 25 years, what is Ninas after-tax accumulation from her 2022 contributions to her 401(k) account? Assume Ninas marginal tax rate at retirement is 25 percent.

4. Tim has worked for one employer her entire career. While he was working, he participated in the employers defined contribution plan [traditional 401(k)]. At the end of 2022, Tim retires and the balance in his defined contribution plan was $2,150,000 at the end of 2021. What is Tims minimum required distribution for 2022 if he turns 72 during 2022?

3. Javier recently graduated and started his career with DNL Inc. DNL provides a defined benefit plan to all employees. According to the terms of the plan, for each full year of service working for the employer, employees receive a benefit of 1.5 percent of their average salary over their highest three years of compensation from the company. Employees may accrue only 30 years of benefit under the plan (45 percent).Javier works for DNL for 32 years and three months before retiring. Javiers annual salary was $180,000, $187,000, and $190,000 for his final three years of employment. Determine Javiers annual benefit on retirement, before taxes.

2. Javier recently graduated and started his career with DNL Inc. DNL provides a defined benefit plan to all employees. According to the terms of the plan, for each full year of service working for the employer, employees receive a benefit of 1.5 percent of their average salary over their highest three years of compensation from the company. Employees may accrue only 30 years of benefit under the plan (45 percent).Javier works for DNL for six years and three months before he leaves for another job. Javiers annual salary was $80,000, $87,000, $90,000, and $95,000 for years 4, 5, 6, and 7 respectively. DNL uses a seven-year graded vesting schedule. Determine Javiers annual benefit on retirement, before taxes.