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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?

Respuesta :

Tundexi

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                             11%    

Maximum tax deferred contribution $7,700  

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