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TP wants to receive an early distribution of $16,000 and he is subject to 10% penalty ($1,600) and his marginal tax rate is 24% ($3,840).
What is the gross-up amount TP needs to liquidate in order for him to get $16,000, to withhold 10% penalty ($1,600) and 24% tax ($3,840)?
Thanks for your time and advice.
Best Answer Click here
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$24,242.
10% penalty $2,424
24% tax $5,818.
The more I know the more I don’t know.
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Awesome! @sjrcpa Thanks a lot!
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@The Real Halloween How did you manage to pick your own thank you as a solution?
@sjrcpa gave the solution to the Algebra problem of:
X - .1X - .24 X = $16,000 and you snub her is two ways!
(a) you did not click the thumbs up for her attempt at answering and (b) you ignore the fact that that she and not you gave the correct answer.
I fear there shall be no happy Halloween for me this year.
Answers are easy. Questions are hard!
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Apologies! My intention is to click solution for @sjrcpa's awesome answer. It was definitely not my solution. it was all hers. Sorry to have clicked the wrong button and to have provoked you to such a response. I have no intention to snub her at all!
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Look at the ... where you selected the answer. It allows and option to change your mind. My reaction was that you were sloppy in your action. Doing income tax requires some precision and sloppiness leads to some bad results. You have been on the forum long enough, that you should not be exhibiting this sloppiness.
Sorry if I offended you - it was not you - it was your actions.
P.S. If you are the Real Halloween, why is your avatar a bunny? There are many better images that you could use.
Answers are easy. Questions are hard!
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OMG... Now everybody's a critic. LOL. I think BobKamman and I started all this negative spirit. For that, I apologize to everyone here - for Bob...
No worries New Halloween. You just taught me two things.
1. How to get my 1,000,000-solutions badge.
2. I used to think I come here only for kicks and drama. Now I recognize I come here for kicks, drama and the 1,000,000-solutions badge.
I come here for kudos and IRonMaN's jokes.
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Answers are easy. Questions are hard!
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Halloween - I’m sure Susan Is just crushed that you “stole” the solution from her😉. Believe it or not you are not the first person to do that, although you might be the first holiday to have accomplished that feat😁. Whenever I see that happen I always smile thinking how well Intuit has created a foolproof system for its customer base👍🏻
Edit - for the record, I have done that deed a couple of times to make a point of how silly it is for someone to be able to pat themselves on the back (for those that do it intentionally)
Slava Ukraini!
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I got over it pretty quickly.
The more I know the more I don’t know.
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Susan, I got a silly 'solve' the other day...& you posted the best answer (Or someone else did..) I'll transfer it to you if I can 😍
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@sjrcpa @abctax55 @IRonMaN @George4Tacks @joshuabarksatlcs Interesting to see the energy generated here. Stay safe and healthy everyone !!
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"Interesting to see the energy generated here"
I'm guessing it was George's jack-o-lantern that drew us in 😉
Slava Ukraini!