d. opened the Roth
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![Required information
Problem 13-77 (LO 13-4) (Algo)
[The following information applies to the questions displayed below.]
Jimmer has contributed $27,000 to his Roth IRA, and the balance in the account is $30,000. In the current year, Jimmer
withdrew $27,800 from the Roth IRA to pay for a new car. If Jimmer's marginal ordinary income tax rate is 25 percent, what
amount of tax and penalty, if any, is Jimmer required to pay on the withdrawal in each of the following alternative
situations?
Note: Leave no answers blank. Enter zero if applicable.
Problem 13-77 Part b (Algo)
b. Jimmer opened the Roth account 44 months before he withdrew the $27,800, and Jimmer is age 53.
X Answer is complete but not entirely correct.
Tax
Penalty
$
$
750 X
300 x](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6bb88c59-5bc4-4071-8e12-df8b263a8fcb%2F3d407932-4543-4467-99f9-d7e20bd6e7ea%2Fjg82bto_processed.jpeg&w=3840&q=75)
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- Required information Problem 13-77 (LO 13-4) (Algo) [The following information applies to the questions displayed below] Jimmer has contributed $20,000 to his Roth IRA, and the balance in the account is $23,000. In the current year, Jimmer withdrew $21.500 from the Roth IRA to pay for a new car. If Jimmer's marginal ordinary income tax rate is 23 percent, what amount of tax and penalty, if any, is Jammer required to pay on the withdrawal in each of the following alternative situations? Note: Leave no answers blank. Enter zero if applicable. Problem 13-77 Part c (Algo) c. Jimmer opened the Roth account 76 months before he withdrew the $21,500, and Jimmer is age 62 Tax PenaltyRequired information [The following information applies to the questions displayed below] Allie received a $50,000 distribution from her 401(k) account this year that she established while working for Big Stories, Incorporated. Assume that her marginal ordinary tax rate is 24 percent. c. Allie is 67 and retired. How much tax and penalty will Allie pay on the distribution? Tax and penalty 3George (age 42 at year-end) has been contributing to a traditional IRA for years (all deductible contributions), and his IRA is now worth $25,000. He is planning on converting the entire balance to a Roth IRA account. George's marginal tax rate is 24 percent. Note: Leave no answers blank. Enter zero if applicable. Problem 13-76 Part b (Static) b. What are the tax consequences to George if he takes $25,000 out of the traditional IRA, pays the taxes due from the traditional IRA distribution, and contributes what's left from the distribution to the Roth IRA one week after receiving the distribution? Tax payable Penalty Total $ $ A 6,000 (600) 5,400
- George (age 42 at year-end) has been contributing to a traditional IRA for years (all deductible contributions), and his IRA is now worth $25,000. He is planning on converting the entire balance to a Roth IRA account. George's marginal tax rate is 24 percent. Note: Leave no answers blank. Enter zero if applicable. Problem 13-76 Part a (Static) a. What are the tax consequences to George if he takes $25,000 out of the traditional IRA and contributes the entire amount into a Roth IRA one week after receiving the distribution? Tax payable Penalty Total $ SA 6,000 2,500 8,500Required Information [The following Information applies to the questions displayed below.] This year Lloyd, a single taxpayer, estimates that his tax liability will be $13,000. Last year, his total tax liability was $17,000. He estimates that his tax withholding from his employer will be $9,700. b. Assuming Lloyd does not make any additional payments, what is the amount of his underpayment penalty? Assume the federal short-term rate is 5 percent. Note: Do not round Intermediate calculations. Round your final answers to 2 decimal places. Dates April 15th June 15th September 15th January 15th Total Actual Withholding Required Withholding Over (Under) Withheld Penalty Per QuarterRequired information [The following information applies to the questions displayed below.] Christopher is a self-employed cash-method, calendar-year taxpayer, and he made the following cash payments related to his business this year. Calculate the after-tax cost of each payment assuming Christopher has a 37 percent marginal tax rate. c. $600 for office supplies in May of this year. He used half of the supplies this year and he will use the remaining half by February of next year. After-tax cost
- Hw.5. Javier, who is 61 years old, had some surprise medical expenses during the year. To pay for these expenses (which were above the 10% of AGI threshold and claimed as itemized deductions on his tax return), he received a $20,000 distribution from his traditional IRA (he has only made deductible contributions to the IRA). Assuming his marginal ordinary income tax rate is 15 percent, what amount of taxes and/or early distribution penalties will Javier be required to pay on this distribution? Multiple Choice $0 income tax; $0 early distribution penalty $3,000 income tax; $0 early distribution penalty $0 income tax; $2,000 early distribution penalty $3,000 income tax; $2,000 early distribution penaltyUse the following information to calculate the federal average tax rate (ignore tax credits) for a taxpayer who earned $115,000 from employment, and where bonds were sold for $20,000 during the year that originally cost $10,000: Taxable income Up to $47,630 On the next $47,629 On the next $52,408 On the next $62,704 Over $210,371 Select one: Tax Rate 15% 20.5% Based on the above, the average tax rate (ATR) is closest to: a. 19.15% b. 19,45% c. 20.5% d. 26.0% 26% 29% 33%Required information [The following information applies to the questions displayed below.] Louis files as a single taxpayer. In April of this year he received a $1,400 refund of state income taxes that he paid last year. How much of the refund, if any, must Louis include in gross income under the following independent scenarios? Assume the standard deduction last year was $12,000. (Leave no answer blank. Enter zero if applicable.) a. Last year Louis claimed itemized deductions of $12,059. Louis’s itemized deductions included state income taxes paid of $2,530 and no other state or local taxes.
- ! Required information [The following information applies to the questions displayed below.] Christopher is a self-employed cash-method, calendar-year taxpayer, and he made the following cash payments related to his business this year. Calculate the after-tax cost of each payment assuming Christopher has a 37 percent marginal tax rate. b. $800 of interest on a short-term loan incurred in September and repaid in November. Half of the loan proceeds was used immediately to pay salaries and the other half was invested in municipal bonds until November. After-tax costD6) The 2021 standard deduction is $12,600 and deductions for state and local taxes are limited to $10,000. You are already choosing to itemize your deductions becaue of charitible contributions. You expect to pay $8,000 of state income taxes in 2021 and you are looking at the tax benefits associated with purchasing a single family home as your primary residence. You estimate that the mortgage interest in 2021 will be $15,000 and the property taxes will be $6,000. What is the tax benefit associated with homeownership if your marginal tax rate is 22%?! Required Information [The following information applies to the questions displayed below.] This year Lloyd, a single taxpayer, estimates that his tax liability will be $12,550. Last year, his total tax liability was $16,700. He estimates that his tax withholding from his employer will be $9,415. b. Assuming Lloyd does not make any additional payments, what is the amount of his underpayment penalty? Assume the federal short-term rate is 5 percent. (Do not round Intermediate calculations. Round your final answers to 2 decimal places.) Dates Actual Withholding Required Withholding Over (Under) Withheld Penalty Per Quarter April 15th June 15th September 15th January 15th Total
