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Shauna received a 106500 distribution from her 401k account this year Assuming Shaunas marginal tax rate is 25 what is the total amount of tax and penalty Shauna will be required to pay if she

Shauna received a $106,500 distribution from her 401(k) account this year. Assuming Shauna's marginal tax rate is 25%, what is the total amount of tax and penalty Shauna will be required to pay if she receives the distribution on her 59th birthday and she has not yet retired?

$0.

$26,625.

$37,275.

$10,650.

None of these.

B-

Bill would like some tax benefits for his investment expenses incurred this year. His AGI is $190,100. Currently, his expenses consist of: (1) $1,010 investment advice fees, (2) $1,510 unreimbursed employee business expenses (a miscellaneous itemized deduction), and (3) $610 tax return preparation fees. How much more, if any, must Bill spend for investment expenses this year before he receives any tax benefit?

None of these

More than $672

More than $500

Zero, Bill is already receiving a benefit.

More than $900

C- Jamison's gross tax liability is $7,600. Jamison had $2,850 of available credits and he had $4,305 of taxes withheld by his employer. What is Jamison's taxes due (or taxes refunded) with his tax return?

$4,750 taxes due.

$3,295 taxes due.

$445 tax refund.

$445 taxes due.

Aug 29 2020 View more View Less

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