Age of Participant 72 73 74 75 76 77 Distribution Period 27.4 26.5 25.5 24.6 23.7 22.9 Applicable Per 3.65 3.77 3.92 4.07 4.22 4.37
Age of Participant 72 73 74 75 76 77 Distribution Period 27.4 26.5 25.5 24.6 23.7 22.9 Applicable Per 3.65 3.77 3.92 4.07 4.22 4.37
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:EXHIBIT 13-3 Abbreviated Uniform Lifetime Table for Distributions in 2022
Age of Participant Distribution Period
72
73
74
75
76
77
78
27.4
26.5
25.5
24.6
23.7
22.9
22.0
Applicable Percentage*
3.65
3.77
3.92
4.07
4.22
4.37
4.55
![Required information
[The following information applies to the questions displayed below.]
Tim has worked for one employer his entire career. While he was working, he participated in the employer's defined
contribution plan [traditional 401(k)]. At the end of 2022, Tim retires. The balance in his defined contribution plan at the
end of 2021 was $2,000,000. (Use Exhibit 13-3.)
Note: Leave no answers blank. Enter zero if applicable.
. Assuming that Tim is 76 years old at the end of 2022 and his marginal tax rate is 32 percent, what amount of his distribution will he
ave remaining after taxes if he receives only a distribution of $50,000 for 2022?
After-tax amount](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fea6bde4e-c725-4e00-a32f-5e39c02069ee%2F413fb4fa-4845-42d7-8f69-6e68995cfe3e%2F5z8ljca_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Tim has worked for one employer his entire career. While he was working, he participated in the employer's defined
contribution plan [traditional 401(k)]. At the end of 2022, Tim retires. The balance in his defined contribution plan at the
end of 2021 was $2,000,000. (Use Exhibit 13-3.)
Note: Leave no answers blank. Enter zero if applicable.
. Assuming that Tim is 76 years old at the end of 2022 and his marginal tax rate is 32 percent, what amount of his distribution will he
ave remaining after taxes if he receives only a distribution of $50,000 for 2022?
After-tax amount
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