Question
Howard, age 46, who earns $350,000 per year and is a participant in Good Homes 401(k). His employer made a 20% profit-sharing plan contribution during
Howard, age 46, who earns $350,000 per year and is a participant in Good Homes 401(k). His employer made a 20% profit-sharing plan contribution during the year. Ignoring the ADP test requirements, what is the maximum amount that Howard can defer under the 401(k) during 2022?
A. $0. B. $6,500. C. $20,500. D. $27,000
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Financial Management Core Concepts
Authors: Raymond M Brooks
2nd edition
132671034, 978-0132671033
