Rex, age 47, an employee at Water Waste, is considering contributing to a 401(k) plan during 2022. Which of the followingstatements are true?Rex can contribute $20,500 to a 401(k) plan and an additional $20,500 to a 401(k) Roth account in the current year.If Rex does make an elective deferral contribution, the amount is not currently subject to income or payroll taxes.Rex can make a $27,000 elective deferral contribution to a 401(k) plan for 2022.O Water Waste must deposit Rex's elective deferral contribution to the plan as soon as reasonably possible

401(k) Contribution Many American firms provide 401(k) plans, which are pension fund plans with…

Answered: Rex, age 47, an employee at Water…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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