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- Ryan is 39 years old and works as a real estate agent. Ryans marginal tax rate is 24%. Ryan has a traditional (deductible) IRA with a current balance of 80,000. The IRA consists of 60,000 of contributions that Ryan made and deducted on his tax return and 20,000 of account earnings. In the current year, Ryan receives a distribution of the entire 80,000. He contributes 60,000 to a Roth IRA and keeps the remaining 20,000. What is Ryans total income tax and penalty on the transactions? a. 0 income tax, 0 penalty b. 20,000 income tax, 8,000 penalty c. 5,000 income tax, 2,000 penalty d. 19,200 income tax, 2,000 penaltyLeroy and Amanda are married and have three dependent children. During the current year, they have the following income and expenses: Salaries 120,000 Interest income 45,000 Royalty income 27,000 Deductions for AGI 3,000 Deductions from AGI 9,000 a. What is Leroy and Amandas current year taxable income and income tax liability? b. Leroy and Amanda would like to lower their income tax. How much income tax will they save if they validly transfer 5,000 of the interest income to each of their children? Assume that the children have no other income and that they are entitled to a 1,050 standard deduction.Melodie's taxable income is $39,000 and she pays income tax of $4,489. If Melodie's taxable income increases to $41,000, she would pay income taxes of $4,884. What is Melodie's marginal tax rate? 19.75 22.00 18.50 12.00 Some other amount
