Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

help with these 5 problems please! -Net distribution Required information Kathleen, age 56, works for MH, Inc., in Dallas, Texas. Kathleen contributes to a Roth

help with these 5 problems please!
-Net distribution image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Required information Kathleen, age 56, works for MH, Inc., in Dallas, Texas. Kathleen contributes to a Roth 401(k) and MH contributes to a traditional 401(k) on her behalf. Kathleen has contributed $43,680 to her Roth 401(k) over the past six years. The current balance in her Roth 401(k) account is $72,800 and the balance in her traditional 401(k) is $55,200 Kathleen needs cash because she is taking a month of vacation to travel the world. Answer the following questions relating to distributions from Kathleen's retirement accounts assuming her marginal tax rate for ordinary income is 24 percent a. If Kathleen receives a $19,500 distribution from her traditional 401(k) account, how much will she be able to keep after paying taxes and penalties, if any, on the distribution? Not distribution Required information Kathleen, age 56, works for MH, Inc. in Dallas, Texas. Kathleen contributes to a Roth 401(k) and MH contributes to a traditional 401(k) on her behalf Kathleen has contributed $13,680 to her Roth 401(k) over the past six years. The current balance in her Roth 401(k) account is $72 800 and the balance in her traditional 401(k) is $55,200. Kathleen needs cash because she is taking a month of vacation to travel the world. Answer the following questions relating to distributions from Kathleen's retirement accounts assuming her marginal tax rate for ordinary income is 24 percent b. If Kathleen receives a $19.500 distribution from her Roth 401(k) account, how much will she be able to keep after paying taxes and penalties, if any, on the distribution? Net distribution Required information Kathleen, age 56, works for MH, Inc., in Dallas, Texas, Kathleen contributes to a Roth 401(k) and MH contributes to a traditional 401(k) on her behalf Kathleen has contributed $13,680 to her Roth 401(k) over the past six years. The current balance in her Roth 401(k) account is $72,800 and the balance in her traditional 401(k) is $55,200. Kathleen needs cash because she is taking a month of vacation to travel the world. Answer the following questions relating to distributions from Kathleen's retirement accounts assuming her marginal tax rate for ordinary income is 24 percent c. If Kathleen retires from MH and then receives a $19.500 distribution from her traditional 401(k), how much will she be able to keep after paying taxes and penalties, if any, on the distribution? Net distribution Required information Kathleen, age 56. works for MH, Inc., in Dallas, Texas. Kathleen contributes to a Roth 401(k) and MH contributes to a traditional 401(k) on her behalf Kathleen has contributed $43,680 to her Roth 401(k) over the past six years. The current balance in her Roth 401(k) account is $72,800 and the balance in her traditional 401(k) is $55,200. Kathleen needs cash because she is taking a month of vacation to travel the world. Answer the following questions relating to distributions from Kathleen's retirement accounts assuming her marginal tax rate for ordinary income is 24 percent d. If Kathleen retires from MH and then receives a $19,500 distribution from her Roth 401(k), how much will she be able to keep after paying taxes and penalties, if any, on the distribution? Net distribution Required information Kathleen, age 56. works for MH, Inc. in Dallas, Texas. Kathleen contributes to a Roth 401(k) and MH contributes to a traditional 401(k) on her behalf Kathleen has contributed $43,680 to her Roth 401(k) over the past six years. The current balance in her Roth 401(k) account is $72.800 and the balance in her traditional 401(k) is $55,200 Kathleen needs cash because she is taking a month of vacation to travel the world. Answer the following questions relating to distributions from Kathleen's retirement accounts assuming her marginal tax rate for ordinary income is 24 percent e. Assume the original facts except that Kathleen is 60 years of age, not 56. If Kathleen receives a $19,500 distribution from her Roth 401(k) (without retiring), how much will she be able to keep after paying taxes and penalties, if any, on the distribution? Net distribution

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Regulation In Europe

Authors: McLeay Stuart

1st Edition

0333694600, 9780333694602

More Books

Students also viewed these Accounting questions