Homework Answers
The annual contributions to all of your accounts maintained by one employer cannot exceed the lesser of:
- 100% of the participant's compensation, or
- $57,000 ($63,500 including catch-up contributions) for 2020.
So if employee made a catch up contribution then total maximum benefit an employee can contribute to their 401K account will be $ 63500.
if employee does not made a catch up contribution then total maximum benefit an employee can contribute to their 401K account will be $ 57000.
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PLEASE !!!)
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