3. ! of 5 Required information Problem 13-61 (LO 13-2) (Algo) [The following information applies to the questions displayed below.] Kathleen, age 56, works for MH Incorporated in Dallas, Texas. Kathleen contributes to a Roth 401(k), and MH contributes to a traditional 401(k) on her behalf. Kathleen has contributed $41,520 to her Roth 401(k) over the past six years. The current balance in her Roth 401(k) account is $69,200, and the balance in her traditional 401(k) is $52,800. Kathleen needs cash because she is taking a month of vacation to travel the world. Answer the following questions relating to distributions from Kathleen's retirement accounts assuming her marginal tax rate for ordinary income is 24 percent. ok t t ces Problem 13-61 Part a (Algo) a. If Kathleen receives a $18,000 distribution from her traditional 401(k) account, how much will she be able to keep after paying taxes and penalties, if any, on the distribution?
3. ! of 5 Required information Problem 13-61 (LO 13-2) (Algo) [The following information applies to the questions displayed below.] Kathleen, age 56, works for MH Incorporated in Dallas, Texas. Kathleen contributes to a Roth 401(k), and MH contributes to a traditional 401(k) on her behalf. Kathleen has contributed $41,520 to her Roth 401(k) over the past six years. The current balance in her Roth 401(k) account is $69,200, and the balance in her traditional 401(k) is $52,800. Kathleen needs cash because she is taking a month of vacation to travel the world. Answer the following questions relating to distributions from Kathleen's retirement accounts assuming her marginal tax rate for ordinary income is 24 percent. ok t t ces Problem 13-61 Part a (Algo) a. If Kathleen receives a $18,000 distribution from her traditional 401(k) account, how much will she be able to keep after paying taxes and penalties, if any, on the distribution?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
please answer in text form and in proper format answer with must explanation , calculation for each part and steps clearly
![3.
!
of 5
Required information
Problem 13-61 (LO 13-2) (Algo)
[The following information applies to the questions displayed below.]
Kathleen, age 56, works for MH Incorporated in Dallas, Texas. Kathleen contributes to a Roth 401(k), and MH contributes to
a traditional 401(k) on her behalf. Kathleen has contributed $41,520 to her Roth 401(k) over the past six years. The current
balance in her Roth 401(k) account is $69,200, and the balance in her traditional 401(k) is $52,800. Kathleen needs cash
because she is taking a month of vacation to travel the world. Answer the following questions relating to distributions from
Kathleen's retirement accounts assuming her marginal tax rate for ordinary income is 24 percent.
ok
t
t
ces
Problem 13-61 Part a (Algo)
a. If Kathleen receives a $18,000 distribution from her traditional 401(k) account, how much will she be able to keep after paying taxes
and penalties, if any, on the distribution?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F64d69e54-e65c-41fd-9804-ee0dd6e14a04%2Fadf61f7d-de7f-4839-8abf-3294fc0d53fd%2Fre5x1fl_processed.jpeg&w=3840&q=75)
Transcribed Image Text:3.
!
of 5
Required information
Problem 13-61 (LO 13-2) (Algo)
[The following information applies to the questions displayed below.]
Kathleen, age 56, works for MH Incorporated in Dallas, Texas. Kathleen contributes to a Roth 401(k), and MH contributes to
a traditional 401(k) on her behalf. Kathleen has contributed $41,520 to her Roth 401(k) over the past six years. The current
balance in her Roth 401(k) account is $69,200, and the balance in her traditional 401(k) is $52,800. Kathleen needs cash
because she is taking a month of vacation to travel the world. Answer the following questions relating to distributions from
Kathleen's retirement accounts assuming her marginal tax rate for ordinary income is 24 percent.
ok
t
t
ces
Problem 13-61 Part a (Algo)
a. If Kathleen receives a $18,000 distribution from her traditional 401(k) account, how much will she be able to keep after paying taxes
and penalties, if any, on the distribution?
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