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During 2019, Jill, age 39, participated in a Section 401(k) plan which provides for maximum employee contributions of 11%. Jill's salary was $70,000 for the year. Jill elects to make the maximum contribution.
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During 2019, Jill, age 39, participated in a Section 401(k) plan which provides for maximum employee contributions of 11%. Jill's salary was $70,000 for the year. Jill elects to make the maximum contribution.

Required:
What is Jill's maximum tax-deferred contribution to the plan for the year?

User Daprezjer
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1 Answer

3 votes

Answer:

Jill's maximum tax deferred contribution to the plan for the year is $7,700

Step-by-step explanation:

Jill's maximum tax deferred contribution to the plan for the year

Salary $70,000

Maximum contribution 11%

Maximum tax deferred contribution $7,700

User StefanKarpinski
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5.0k points
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