Required information Problem 13-57 (LO 13-2) (Static) [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 2023, Tim retires. The balance in his defined contribution plan at the end of 2022 was $2,000,000. (Use Exhibit 13-3.) Note: Leave no answers blank. Enter zero if applicable. Problem 13-57 Part d (Static) d. Assuming that Tim is 76 years old at the end of 2023 and his marginal tax rate is 32 percent, what amount of his distribution will he have remaining after taxes if he receives only a distribution of $50,000 for 2023? After-tax amount
Required information Problem 13-57 (LO 13-2) (Static) [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 2023, Tim retires. The balance in his defined contribution plan at the end of 2022 was $2,000,000. (Use Exhibit 13-3.) Note: Leave no answers blank. Enter zero if applicable. Problem 13-57 Part d (Static) d. Assuming that Tim is 76 years old at the end of 2023 and his marginal tax rate is 32 percent, what amount of his distribution will he have remaining after taxes if he receives only a distribution of $50,000 for 2023? After-tax amount
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
Problem 13-57 (LO 13-2) (Static)
[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 2023, Tim retires. The balance in his defined contribution plan at the
end of 2022 was $2,000,000. (Use Exhibit 13-3.)
Note: Leave no answers blank. Enter zero if applicable.
Problem 13-57 Part d (Static)
d. Assuming that Tim is 76 years old at the end of 2023 and his marginal tax rate is 32 percent, what amount of his distribution will he
have remaining after taxes if he receives only a distribution of $50,000 for 2023?
After-tax amount](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F54603eaa-26ad-409a-b54a-d7f1a55d4955%2F480e4f80-3855-4ec2-9c7c-f2f088a37277%2Fez88cxj_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
Problem 13-57 (LO 13-2) (Static)
[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 2023, Tim retires. The balance in his defined contribution plan at the
end of 2022 was $2,000,000. (Use Exhibit 13-3.)
Note: Leave no answers blank. Enter zero if applicable.
Problem 13-57 Part d (Static)
d. Assuming that Tim is 76 years old at the end of 2023 and his marginal tax rate is 32 percent, what amount of his distribution will he
have remaining after taxes if he receives only a distribution of $50,000 for 2023?
After-tax amount
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