Question 23: Identify the contribution limit for each item. First Social Security wage base $142,800 DROP HERE 2021 Social Security wage base S6,000 DROP HERE 2021 annual contribution to 401(k) and 403(b) plans $3,000 DROP HERE 2021 Payroll Deduction IRA (employees under age 50) $19,500 DROP HERE

Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter10: Liabilities: Current, Installment Notes, And Contingencies
Section: Chapter Questions
Problem 10.5BE
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Question 23: Identify the contribution limit for each item.
First Social Security wage base
$142,800
DROP HERE
2021 Social Security wage base
S6,000
DROP HERE
2021 annual contribution to 401(k) and 403(b) plans
$3,000
DROP HERE
2021 Payroll Deduction IRA (employees under age 50)
$19,500
DROP HERE
Transcribed Image Text:Question 23: Identify the contribution limit for each item. First Social Security wage base $142,800 DROP HERE 2021 Social Security wage base S6,000 DROP HERE 2021 annual contribution to 401(k) and 403(b) plans $3,000 DROP HERE 2021 Payroll Deduction IRA (employees under age 50) $19,500 DROP HERE
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