b. Jimmer opened the Roth account 44 months before he withdrew the $21,500, and Jimmer is age 53 Tax Penalty
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![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 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 $21,500, and Jimmer is age 53.
Tax
Penalty](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff6b3f251-5620-4c8b-8df4-ac54881f58ab%2Fbcb72dc0-533c-4338-a622-57b7f176399a%2F0o5bk5a_processed.jpeg&w=3840&q=75)
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- [The following information applies to the questions displayed below.] 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 answer blank. Enter zero if applicable. Problem 6-59 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?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 xRequired 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 Penalty
- Required 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] 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 8,500Hw.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 penaltyProblem 17-32 (Algorithmic) (LO. 6) Wan's AGI last year was $274,000. Her Federal income tax came to $82,200, paid through both withholding and estimated payments. This year, her AGI will be $411,000, with a projected tax liability of $61,650, all to be paid through estimates. Wan wants to pay the least amount of tax during the year that does not incur a penalty. If required, round intermediate calculations to two decimal place and your final answer to the nearest dollar. a. Compute Wan's total estimated tax payments for this year. Under the current-year method: $ Under the prior-year method: b. Assume instead that Wan's AGI last year was $92,000 and resulted in a Federal income tax of $18,400. Determine her total estimated tax payments for this year. Under the current-year method: $ Under the prior-year method: $
- Problem 9-19 (LO. 2, 3, 4, 5) Taylor, age 18, is a dependent of her parents. For 2023, she has the following income: $6,250 of wages from a summer job, $800 of interest from a money market account, and $300 of interest from City of Chicago bonds. If an amount is zero, enter "0". Click here to access the 2023 tax rate schedule. a. Determine the following: Taylor's standard deduction for 2023 is $ Taylor's taxable income for 2023 is s b. Compute Taylor's "net unearned income for the purpose of the kiddie tax. Compute Taylor's income tax. [Her parents file a joint return and have taxable income of $135,000 (no dividends or capital gains).]! 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 Total16. Gus is the self-employed owner of Four Paws Pet Supply. His estimated annual earnings are $49,280.00 and he expects to pay 19% of this amount in income tax. What will be his quarterly estimated tax payment for the second quarter? (For self-employed persons, Social Security tax is 12.4% of wages up to $128,400, and Medicare tax is 2.9% of all wages.) A. $2,112.88 B. $2,340.80 C. $4,225.76 D. $9,363.20