You made a tax-deductible contribution to your individual retirement account (IRA) of $4250 this year. You pay a marginal tax rate of 15%. How much money do you save on taxes this year due to your IRA contribution? Your Answer:
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Q40
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- Suppose a taxpayer can time when they receive a $100,000 distribution from a pre-tax 401(k) retirement account (this tax year or next). If they wait until next year, they will earn 10% on the account. The distribution is fully taxable at the marginal tax rate of the taxpayer, which is 24% for this year. What would be the marginal tax rate NEXT YEAR to just make the distribution financially advantageous this tax year? Enter your response as a whole number percent without the "%" sign and using 5/4 rounding (25.67% = 26).If a person with a 24 percent tax bracket makes a deposit of $6,500 to a tax-deferred retirement account, what amount would be saved on current taxes? Current tax savingsHow much do you pay for Social Security if you are taxed at 6.2% of your incomeand you make $4350 per month.
- You and your spouse have the following retirement accounts. Tell me how much you can take out or borrow from each account without incurring a tax penalty. Assume that you are a first time home buyer and you are in the 17% Federal and state tax brackets. Your IRA $9,000 Your Spouse's IRA $8,000 Your Roth IRA $18,000 (10,000 of contributions) Your Spouse's Roth $15,000 (8,500 of contributions) Your 401(k) $110,000 Based on the information above, answer the following questions: * number your answers 1,2,3 1) How much can you take out or borrow without penalty for a down payment? 2) What is the maximum amount you can pay for a house if you put 20% down. Assume that you can borrow any amount.Assume that the annuity in part (a) is a tax-deferred IRA belonging to a man whose gross income is $45,000. Use the table on the left to calculate his taxes first with and then without the IRA. Assume the man is single with no dependents, has no tax credits, and takes the standard deduction.1
- 6. You have a taxable income of $35,600. a. Use the 2020 federal tax tables to determine your tax liability given your filing status. b. What is your marginal tax rate? c. What is your average tax rate? d. You had $4400 withheld from your paychecks for federal taxes. When you file your return will you have a refund or owe money? How much?If the future income tax rate at retirement (end of year 30) is 30%: 1)What is FW or Roth IRA? 2)What is FW of Tax-deductible IRA? 3)Which plan is better?Suppose you made $92,747 of income from wages and $386 of taxable interest. You also made contributions of $6000 to a tax deferred retirement account. You have 1 dependents and file as single. The standard deduction is 11400 and the exemption is 3000 per exemption. What is your Adjusted Gross Income? Answer to the nearest dollar.
- Age 60 61 62 63 65 66 67 64 68 69 80 81 82 70 71 83 84 85 86 87 88 89 90 72 73 74 75 76 77 78 79 Table I (Single Life Expectancy) (For Use by Beneficiaries) Life Expectancy 27.1 26.2 25.4 24.5 23.7 22.9 22.0 21.2 20.4 19.6 18.8 18.0 17.2 16.4 15.6 14.8 14.1 13.3 12.6 11.9 11.2 10.5 9.9 9.3 8.7 8.1 7.6 7.1 6.6 6.1 5.7 Age 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120+ Life Expectancy 5.3 4.9 4.6 4.3 4.0 3.7 3.4 3.2 3.0 2.8 2.6 2.5 2.3 2.2 2.1 2.1 2.1 2.0 2.0 2.0 2.0 2.0 1.9 1.9 1.8 1.8 1.6 1.4 1.1 1.0Suppose you made $70,390 of income from wages and $178 of taxable interest. You also made contributions of $6400 to a tax deferred retirement account. You have 2 dependents and file as single. The standard deduction is 3900 and the exemption is 5900 per exemption. What is your Taxable Income? Answer to the nearest dollar.An individual earns an extra $1000 each year and places this money at the end of each year into an Individual Retirement Account (IRA) in which both the original earnings and the interest in the account are not subject to taxation. If the account has an annual interest rate of 7.5% compounded annually, how much is in the account at the end of 50 years? (Round your answer to the nearest cent.)
