Answered: Wanda received a 401(k) distribution of…

Wanda received a 401(k) distribution of $100,000 this year. If Wanda's marginal tax rate is 24%, what is her total tax and penalty? Wanda turned 50 on December 10 of this year

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Wanda received a 401(k) distribution of
$100,000 this year. If Wanda's marginal tax
rate is 24%, what is her total tax and penalty?
Wanda turned 50 on December 10 of this year
and is still working.

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