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 2020, Tim retires. The balance in his defined contribution plan is $2,000,000 at the end of 2019. (Use Exhibit 13-3.) (Leave no answer blank. Enter zero if applicable.) d. Assuming that Tim is 76 years old at the end of 2020 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 2020? Answer is complete but not entirely correct. After-tax amount $ 15,300
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 2020, Tim retires. The balance in his defined contribution plan is $2,000,000 at the end of 2019. (Use Exhibit 13-3.) (Leave no answer blank. Enter zero if applicable.) d. Assuming that Tim is 76 years old at the end of 2020 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 2020? Answer is complete but not entirely correct. After-tax amount $ 15,300
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
A3
![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 2020, Tim retires. The balance in his defined contribution plan is $2,000,000 at the
end of 2019. (Use Exhibit 13-3.) (Leave no answer blank. Enter zero if applicable.)
d. Assuming that Tim is 76 years old at the end of 2020 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 2020?
Answer is complete but not entirely correct.
After-tax amount
$ 15,300](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F52997c7c-9a65-4be3-b10b-7ea918f5f5bd%2F1e282cf2-5e7d-4036-a8e3-85731c790d05%2Fc9mezw_processed.png&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 2020, Tim retires. The balance in his defined contribution plan is $2,000,000 at the
end of 2019. (Use Exhibit 13-3.) (Leave no answer blank. Enter zero if applicable.)
d. Assuming that Tim is 76 years old at the end of 2020 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 2020?
Answer is complete but not entirely correct.
After-tax amount
$ 15,300
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