Sean (age 70 at end of 2020)retired five years ago. The balance in his 401(k)account on December 31, 2019, was $2,080,000 and the balance in his account on December 31, 2020, was $2,140,000. In 2020, Sean received a distribution of $60,000 from his 401(k)account. Assuming Sean's marginal tax rate is 25 percent, what amount of the $60,000 distribution will Sean have left after paying income tax on the distribution and paying any minimum distribution penalties (use the Treasury table below in determining the required minimum distribution penalty, if any).
Definitions:
Total Costs
The complete accumulation of costs involved in the production, operation, or project completion, encompassing both fixed and variable costs.
Overapplied Overhead
A scenario in which the overhead cost assigned to manufacturing exceeds the overhead cost that was actually incurred.
Net Operating Income
The profit a company generates from its operations, excluding taxes and interest.
Cost of Goods Sold
The direct costs attributable to the production of goods sold by a company, including materials and labor.
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