gabby4915 gabby4915

19-11-2021
Business

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Assuming that Tim is 76 years old at the end of 2020 and his marginal tax rate is 32 percent, what amount of his distribution will he have remaining after taxes if he receives only a distribution of $50,000 for 2020

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anthougo anthougo

30-11-2021

The amount of Tim's distribution that will remain after deducting taxes is $34,000.

Data and Calculations:

Tim's age at December 31, 2020 = 76 years

Tim's marginal tax rate = 32%

Distribution received in 2020 = $50,000

Remaining distribution after taxes = $34,000 ($50,000 x(1 - 32%)

Thus, it implies that Tim will pay taxes amounting to $26,000, which represents 32% of the distribution, and then, he will have $34,000 remaining.

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