Lucy, age 68, retires and receives a $1,500 per month annuity from her employer's qualified pension plan at Pinnacle Industries. Lucy made $90,000 of after-tax contributions to the plan before retirement. Under the simplified method, Lucy's number of anticipated payments is 210. What is the amount includible in income in the first year of withdrawals assuming 12 monthly payments? Provide answer

Lucy, age 68, retires and receives a $1,500 per month annuity from her employer's qualified pension plan at Pinnacle Industries. Lucy made $90,000 of after-tax contributions to the plan before retirement. Under the simplified method, Lucy's number of anticipated payments is 210. What is the amount includible in income in the first year of withdrawals assuming 12 monthly payments? Provide answer

PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter4: Income Tax Withholding

Section: Chapter Questions

Problem 7QR

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What is the amount includible in income
?
What is the amount incldible in income
Under the simplified method
Solve the problem
How much Mary include in her gross income in year 1 ?
How much must Mary include in her gross income in year 1 ?