Chorisia Corporation has a Section 401(k)plan for its employees.The plan provides for maximum contributions equal to 15 percent of the employee's salary.Donna,a 55-year-old employee of Chorisia Corporation,elects to contribute the maximum amount possible to the Section 401(k)plan.During 2017,Donna has $115,000 in wages.For 2017,what is the maximum amount that Donna may contribute to the plan on a tax-deferred basis?

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The Answer of Chorisia Corporation has a Section 401(k)plan for its employees.The plan provides for maximum contributions equal to 15 percent of the employee's salary.Donna,a 55-year-old employee of Chorisia Corporation,elects to contribute the maximum amount possible to the Section 401(k)plan.During 2017,Donna has $115,000 in wages.For 2017,what is the maximum amount that Donna may contribute to the plan on a tax-deferred basis?

Chorisia Corporation Has a Section 401(k)plan for Its Employees