Question: 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

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 2022?

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

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