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Salvador (age 45), withdraws $50,000 from his tax-sheltered retirement plan to invest in a new business. Assuming Salvador is in the 28 percent marginal tax

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Salvador (age 45), withdraws $50,000 from his tax-sheltered retirement plan to invest in a new business. Assuming Salvador is in the 28 percent marginal tax bracket and the contributions to the plan have not been taxed previously, how much will he pay in taxes and penalties

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