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Jose, a 50-year-old taxpayer, earned $40,000 in wages. What is the maximum deductible amount of contribution he can make to a Section 401(k) plan for

Jose, a 50-year-old taxpayer, earned $40,000 in wages. What is the maximum deductible amount of contribution he can make to a Section 401(k) plan for 2020?

$19,500 $25,500 $26,000 $40,000

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