FPC-Remote Exam Dumps | As of December 31, 2024, what is the MAXIMUM amount, if any, a 49-year-old employee can contribute to

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Question 59/74

As of December 31, 2024, what is the MAXIMUM amount, if any, a 49-year-old employee can contribute to a 401(k) plan?

A. $7,500.00

B. $23,000.00

C. $30,500.00

D. No Limit

Correct Answer: B

Comprehensive and Detailed Explanation:
For 2024, the 401(k) contribution limit is:
$23,000.00 for employees under 50 years old.
$30,500.00 for employees 50 and older (includes $7,500 catch-up contribution).
Since the employee is 49 years old, they do not qualify for the catch-up contribution, so the maximum contribution is $23,000.00.
Reference:
IRS - 401(k) Contribution Limits for 2024
Payroll.org - Retirement Plan Payroll Compliance

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