Polly, Age 45, Participates in Her Employer's Section 401(k) Plan

Polly, age 45, participates in her employer's Section 401(k) plan which allows employees to contribute up to 15 percent of their salary. Her annual salary is $100,000 in 2014. What is the maximum she can contribute to this plan on a tax-deferred basis under a salary reduction agreement?

A) $20,500
B) $15,000
C) $17,500
D) $20,000
E) None of the above