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Jesse (58) participates in his employer's Section 401(k) plan. In 2023 his total salary, for...

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Accounting

Jesse (58) participates in his employer's Section 401(k) plan. In 2023 his total salary, for FICA purposes was $200,000. In 2024 he made the maximum contribution to his 401(k) plan of $30,500, including a catch-up contribution of $7,500. Which of the following is TRUE regarding the rules that cover his 2024 contribution?

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