Serissa Corporation has a Section 401k)plan for its employees.The plan provides for a maximum contribution equal to 15 percent of the employees' salaries.Scott,an employee of Serissa Corporation,elects to contribute the maximum amount possible to the Section 401k)plan.During 2013,Scott has
$40,000 in wages.For 2013,what is the maximum amount that Scott may contribute to the plan on a tax- deferred basis?

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The Answer of Serissa Corporation has a Section 401k)plan for its employees.The plan provides for a maximum contribution equal to 15 percent of the employees' salaries.Scott,an employee of Serissa Corporation,elects to contribute the maximum amount possible to the Section 401k)plan.During 2013,Scott has
$40,000 in wages.For 2013,what is the maximum amount that Scott may contribute to the plan on a tax- deferred basis?

Serissa Corporation Has a Section 401k)plan for Its Employees