QUESTION 6 Maria and James (ages 26 and 30) withdrew $10,000 from their IRA accounts to pay for a new car when their old car was destroyed in a fire. None of the contributions to their accounts had been taxed before going into the IRAs. Which of the following statements is (are) true? They will pay a $1,000 penalty. They will pay taxes on the $10,000 withdrawal. They will pay taxes on only the portion of the $10,000 that represents investment earnings. They will pay a $1,000 penalty, and they will pay taxes on the $10,000 withdrawal. QUESTION 7 Which tax is assessed by the federal government against the estate of deceased person before it is passed to heirs? Estate tax Inheritance tax Excise tax Flat tax QUESTION 8 CJ camed $9.600 working part-time last year. How many Social Security credits did CJ earn for Social Security coverage provided each $1260 earned gave him one credit? in QUESTION 9 Experts estimate that retirees need approximately 50 percent of their preretirement income to live comfortably True False