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At age 59 1/2, you can start making withdrawals from your 401(k) without incurring an early withdrawal penalty. However, any withdrawals you make will be subject to income tax, as 401(k) contributions are made on a pre-tax basis. The amount you withdraw will be added to your taxable income for the year, and you will be responsible for paying taxes on that amount at your ordinary income tax rate. It's important to plan for these tax implications when considering when and how much to withdraw from your 401(k).
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Does the district to Columbia pay state taxes?
Yes, I have been paying DC taxes for 12 years now.
How much taxes will be taken out with an income of 8000 a month?
Your employer should be the one that may be able to give you these numbers for the amount of employment taxes and income tax federal, state and local taxes that may be withheld from each 8000 a month pay periods. 8000 x 12 = 96000 for the year.
Sonya wants to know how much her annual take-home pay will be after she pays FICA taxes totalling 7.65 on an annual salary of 36 590?
Her annual salary will be 36590 subtract (7.65*12)
Can you file taxes on a weekend?
Only if you own 12 strips of bacon
Can you claim a sister on your taxes if your parents do not work?
yes, if that sister has resided with you 6-12 months of the previous year and you have taken care of that sister,I know this because my 11 year old brother resides with me and I file him on my taxes
Who is the child who paid tax at the age of 12?
Children at the age of 12 do not have to pay taxes. The parents of the child is the one who has to pay taxes.
Can you withdraw funds from a 401k before age 59 12?
You can, but you will be fined.
When a firm have to pay taxes?
period of 12 calendar month
Does the district to Columbia pay state taxes?
Yes, I have been paying DC taxes for 12 years now.
Do you haved to pay money to become a famous singer at the age of 12?
Yes you have to pay money to become a famous singer at the age of 12.
What is the return on a Prudential 401k?
It depends on how risky you want your 401k to be. The return on a 401K can range between 8% to 12% or sometimes even higher.
What does RMD mean when refering to IRA?
Required Minimum Distribution or RMD is the amount you have to withdraw from you IRA or 401K, etc. beginning at age 70 1/2 per year (it can be divided into 12 monthly payments per year) or the IRS will charge you a 50% penalty for not withdrawing the RMD amount. The reason is the IRS wants you to pay taxes on your IRA or 401K by age 70 1/2 or you will be penalized a 50% penatly for not using that money. You cannot just leave it there forever. This applies only on pre-tax products that you have never paid any taxes on. A Roth IRA is not included because taxes were paid on that money before it was set aside for retirment. It is not Pre-tax but Post-tax. There is a formula you have to use to calculate and RMD by IRS rules and regulations. You can access such a calculator at the following: https://www3.troweprice.com/retailtools/rmdcalc/public/rmdStart.do?distYear=2011&beneDob=
What taxes do I pay when buying a used car in BC?
In British Columbia, you will pay between 12 and 15 percent tax on a used car. The exact amount you pay will all depend on where you purchased the car and what the value of it is.
If Michael is paid monthly an annual salary of 42624 what would his gross monthly pay be?
Gross monthly pay is a person's monthly pay before taxes. If Michael is paid $42,624 a year (annually) but he gets paid every month, then you would divide 42624 by 12 because there are 12 months in a year. 42624/12= 3552
What groups did not have to pay taxes and had their own court system in Mexico?
In colonial Mexico the groups that did not have to pay taxes and had their own court system were the "First Estate" and the "Second Estate". (The First Estate was the clergy members and the Second Estate was the nobility.)
How much taxes will be taken out with an income of 8000 a month?
Your employer should be the one that may be able to give you these numbers for the amount of employment taxes and income tax federal, state and local taxes that may be withheld from each 8000 a month pay periods. 8000 x 12 = 96000 for the year.
What is escrow reserve?
Lenders want to pay your taxes and homeowners insurance on your behalf when they are due. This helps protect their investment. Your lender will collect 1/12 of your yearly property taxes and 1/12 of your yearly homeowners premium with each months payment. When you originally buy the home they will collect a couple of additional months reserves for each of these categories. When it comes time to pay your property taxes, the lender will have the full amount escrowed ( saved ) for you. They will then forward the tax payment on your behalf. The same is true with your homeowners insurance.
