Respuesta :
Answer:
The age 59½ distribution rule says any 401k participant may begin to withdraw money from his or her plan after reaching the age of 59½ without having to pay a 10 percent early withdrawal penalty.
Explanation:
Until the age of 59.5 years, the amount saved from the withdrawal of funds is $3,600.
What is a tax?
A tax is an obligatory payment made by the taxpayer to the government in respect of the income earned in the previous year.
Given values:
Amount of funds: $45,000
Normal tax rate: 20%
Penalty rate at 59.5 years: 10%
Step-1 Computation of after-tax amount paid at 54 years:
[tex]\rm\ After \rm\ Tax \rm\ Amount \rm\ at \rm\ 54 \rm\ years =\rm\ Amount \rm\ of \rm\ funds \times (\rm\ 1-\rm\ Tax \rm\ Rate)\\\rm\ After \rm\ Tax \rm\ Amount=\$45,000 \times\ (1-0.20)\\\rm\ After \rm\ Tax \rm\ Amount=\$36,000[/tex]
Step-2 Computation of after-tax amount paid at 59.5 years:
[tex]\rm\ After \rm\ Tax \rm\ Amount \rm\ at \rm\ 59.5 \rm\ years =\rm\ Amount \rm\ of \rm\ Funds \times (\rm\ 1-\rm\ Tax \rm\ Rate)\times\ (1-\rm\ Penalty \rm\ Rate) \\\rm\ After \rm\ Tax \rm\ Amount=\$45,000 \times\ (1-0.20)\times\ (1-0.10)\\\rm\ After \rm\ Tax \rm\ Amount=\$32,400[/tex]
Step-3 Computation of the amount saved :
[tex]\rm\ Amount \rm\ Saved = \rm\ After \rm\ Tax \rm\ Amount \rm\ at \rm\ 59.5 \rm\ years - \rm\ After \rm\ Tax \rm\ Amount \rm\ at \rm\ 54 \rm\ years\\\rm\ Amount \rm\ Saved =\$36,000-\$32,400\\\rm\ Amount \rm\ Saved =\$3,600[/tex]
Therefore, the amount of $3,600 was saved with the amount of $36,000 paid at 54 years and the amount of $32,400 paid at 59.5 years.
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