1. Randy is 70 ½ on September 1st of this year and must receive a minimum distribution from his qualified plan. The account balance has a value of $384,800 at the end of last year. The distribution period for a 70-year-old person is 27.4 and for a 71-year-old person is 26.5. If Randy takes his first required distribution next April 1st of next year, what is the amount of the required minimum distribution?
$5,419.72
$14,520.75
$5,497
$14,043.80
2. Jake works for the Los Angeles Public School System. His annual salary (9-month contract) is $54,000. Before the start of the school year, he elects to defer $4,000 to his 403(b). How much FICA tax will be automatically withdrawn from his paycheck?
7.62% of $50,000
6.2% of $54,000
7.62% of $54,000
6.2% of $50,000