Question: Multiple Choice 5-14 Qualified Retirement Plans Including Section 401(k) Plans (LO 5.4) Paul, age 37, participates in a Section 401(k) plan which allows employees to

Multiple Choice 5-14 Qualified Retirement Plans Including Section 401(k) Plans (LO

Multiple Choice 5-14 Qualified Retirement Plans Including Section 401(k) Plans (LO 5.4) Paul, age 37, participates in a Section 401(k) plan which allows employees to contribute up to 15 percent of their salary. His annual salary is $125,000 in 2020. What is the maximum he can contribute, on a tax-deferred basis under a salary reduction agreement, to this plan? O a. $20,500 Ob. $18,750 O c. $18,500 Od. $24,000 Oe. None of these choices are correct

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