Jonathon,age 50 and in Good Health,withdrew $6,000 from His Pension

question 69

Multiple Choice

Jonathon,age 50 and in good health,withdrew $6,000 from his pension plan during the current year.The withdrawal was not eligible for any exception to the 10% penalty.Jonathon had made $40,000 of after-tax contributions to the plan while his employer had contributed $80,000.In addition to relevant income taxes,how much penalty must Jonathon pay?

• A)$0
• B)$200
• C)$400
• D)$600

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Definitions:

Deviance

Actions or behaviors that violate societal norms, which can range from minor breaches of etiquette to serious violations of law.

Socioeconomic Classes

Categories of people based on their economic status, often determined by income, wealth, occupation, and education.

Victimized

Having been made the target of wrongdoing or harm, often unjustly.

Schoolchild

An individual, typically a minor, who attends an educational institution such as an elementary or secondary school.