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Inessa05 [86]
3 years ago
15

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?
Business
1 answer:
bagirrra123 [75]3 years ago
8 0

Answer:

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

Explanation:

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

Salary                                                    $70,000

Maximum contribution                         <u>     11%     </u>

Maximum tax deferred contribution <u> $7,700   </u>

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