Ryan, who is 50, is employed by Best Mutual Funds (BMF) and participates in its profit sharing Section 401(k) plan for 2021. The plan allocates contributions based on relative compensation and is not integrated with Social Security. Ryan's current annual compensation is $80,000, and he has elected to defer 5% of compensation into the Section 401(k) plan. Including Ryan, 35 employees with a total covered payroll of $1.8 million participate in the plan and have elected to defer a total of $72,000 (4% of payroll). What is the maximum deductible contribution to the profit sharing plan BMF can make
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Ryan, who is 50, is employed by Best Mutual Funds (BMF) and participates in its profit sharing Secti...
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