Assuming that Tim is 75 years old at the end of 2019 and his marginal tax rate is 32 percent, what amount of his distribution will he have remaining after taxes if he receives only a distribution of $50,000 for 2019?

$15,300

Explanation:

Solution

Recall that:

Suppose that Tim is 75 years old at the end of 2018

The marginal tax rate here is = 32%

The distribution = $50,000

Now,

What amount of distribution he get after taxes

At 75 years of age that is the age of the participant

Distribution period = 22.9

The Applicable percentage = 4.37%; this is gotten from the table attached below

Thus,

He implies that 2,000,000 * 4.37 %

=$87,400

The less amount received  = $50,000

The balance is = $87,400 = $50,000

= $37,400

Tim needs to pay tax  at 32%

= 50,000 * 32%

=$16,000

The pay penalty become s =37,400 * 50% = $18,700

The total amount for tax to be paid and the penalty is = $16000 + $18700= $34,700

The amount received by Tim after tax is = $50,000 - $34700 =$15,300

The amount Tim will receive after tax is $15,300

Note: Kindly find the complete question and table as part of the solution solved below

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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