Jacque Solis (age 38) is leaving her current job and would like to take a long...
Jacque Solis (age 38) is leaving her current job and would like to take a long vacation before starting new employment. She has $58,000 in a qualified plan that she would like to live on during this period. If she is in a 25 percent marginal tax bracket, how much will she have left after paying taxes and penalties?
Homework Answers
Jacque Solis will have $37,700 left after paying taxes and penalties from her $58,000 qualified plan during the said period. A qualified plan is an employer-sponsored retirement plan that qualifies for special tax treatment under Section 401(a) of the Internal Revenue Code.
Tax 25% = $58,000 x 25% = $14,500
Penalties 10% = $58,000 x 10% = $5,800
Net available = $58,000 - $14,500 - $5,800 = $37,700
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