Liam and Marley Thompson are both employed. Liam is a clinic business manager and Marley is a registered nurse. Both work for employers that offer 401(k) plans. Liam will make $150,750 as an accounting manager and Marley makes $98,000 as a nurse. Each makes a 5% contribution to their 401(k) and their employers make a matching contribution to their 401(k). They elected to take the standard deduction.

The total amount contribution funds going into Liams 401(k) is: ?

Please elaborate on how you got the answer.