25. Paul, age 37, participates in a Section 401(k) plan which allows employees to contribute up to...
Question:
25. Paul, age 37, participates in a Section 401(k) plan which allows employees to contribute up to 15 percent of their salary. His annual salary is $90,000 in 2010. What is the maximum he can contribute, on a tax-deferred basis under a salary reduction agreement, to this plan?
a. $15,500
b. $20,500
c. $17,500
d. $13,500
e. None of the above LO 3.6
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Related Book For 
Income Tax Fundamentals 2011
ISBN: 9780538469197
29th Edition
Authors: Gerald E. Whittenburg, Martha Altus-Buller
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