Question: 1) A popular defined contribution plan for employees is a 401(k)) plan A. 2 employees, A who is 55 years old and B who is

1) A popular defined contribution plan for employees is a 401(k)) plan

A. 2 employees, A who is 55 years old and B who is 25 years old make $50,000 each. How much of their salary can each of them contribute to a 401(k) plan in 2021? Once again you will need to research outside the text to answer this.

B. Same question but now A and B each only make $20,000 each.

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