How much does c pay in taxes due to the withdrawal

Reference no: EM133290530

Question: Suppose Person C earns money in 2022, forever pays a 25% income tax rate and contributes $1,000 into a stock index fund. If C made $50,000 and the $1,000 was invested via their Roth IRA, then how much do they pay in income taxes for 2022? Years later in retirement once that $1,000 investment has grown to $10,000 and C withdraws it, how much does C pay in taxes due to the withdrawal?

Reference no: EM133290530

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