Sergio contributes to his employer sponsored 401(k) plan. which of the following statements is true

Question 27 of 75. Sergio contributes to his employer-sponsored 401(k) plan. Which of the following statements is TRuE? Contributions are deferred for social security and medicare taxes. Distributions from his 401(k) will be nontaxable. Sergio will benefit from lower taxable income, tax-deferred earnings growth, and deferred taxes. The contribution amount appears on Form W2, box 14 , along with code DD. Mark for follow up