Question

jacque solis, a 38-year-old, is leaving her current job and would like to take a long vacation before a new job. she has $62,000 in an individual retirement account (ira) that she would like to live on during this period. if she is in a 25% marginal tax bracket, how much will she have left after paying taxes and penalties?

Answer 1

Jacque Solis will have $40,300 left after paying taxes and penalties on her IRA withdrawal.

Step-by-step explanation:

To calculate how much Jacque Solis will have left after paying taxes and penalties on her IRA withdrawal, we first need to find out the total amount she will owe in taxes. Given her $62,000 withdrawal and 25% marginal tax bracket, she will owe $15,500 in taxes.

In addition, there may be penalties for early withdrawal from an IRA, depending on her age and specific circumstances. These penalties can range from 10% to 25% of the withdrawal amount. Assuming a 10% penalty, she would owe an additional $6,200. Therefore, the total amount that Jacque will owe in taxes and penalties is $15,500 + $6,200 = $21,700.
To calculate how much she will have left after paying taxes and penalties, we subtract the total amount owed from the original withdrawal amount: $62,000 - $21,700 = $40,300. Therefore, Jacque will have $40,300 left after paying taxes and penalties.

Answer 2

Jacque Solis will have $40,300 left after paying taxes and penalties on her IRA withdrawal.

Step-by-step explanation:

To calculate how much Jacque Solis will have left after paying taxes and penalties on her IRA withdrawal, we first need to find out the total amount she will owe in taxes. Given her $62,000 withdrawal and 25% marginal tax bracket, she will owe $15,500 in taxes.

In addition, there may be penalties for early withdrawal from an IRA, depending on her age and specific circumstances. These penalties can range from 10% to 25% of the withdrawal amount. Assuming a 10% penalty, she would owe an additional $6,200. Therefore, the total amount that Jacque will owe in taxes and penalties is $15,500 + $6,200 = $21,700.
To calculate how much she will have left after paying taxes and penalties, we subtract the total amount owed from the original withdrawal amount: $62,000 - $21,700 = $40,300. Therefore, Jacque will have $40,300 left after paying taxes and penalties.

Answer 3

Jacque Solis will have $40,300 left after paying taxes and penalties on her IRA withdrawal.

Step-by-step explanation:

To calculate how much Jacque Solis will have left after paying taxes and penalties on her IRA withdrawal, we first need to find out the total amount she will owe in taxes. Given her $62,000 withdrawal and 25% marginal tax bracket, she will owe $15,500 in taxes.

In addition, there may be penalties for early withdrawal from an IRA, depending on her age and specific circumstances. These penalties can range from 10% to 25% of the withdrawal amount. Assuming a 10% penalty, she would owe an additional $6,200. Therefore, the total amount that Jacque will owe in taxes and penalties is $15,500 + $6,200 = $21,700.
To calculate how much she will have left after paying taxes and penalties, we subtract the total amount owed from the original withdrawal amount: $62,000 - $21,700 = $40,300. Therefore, Jacque will have $40,300 left after paying taxes and penalties.