Maximum deductible contribution

Reference no: EM1340203

Elliot Corporation employs 5 individuals: Karl, who earns $60,000 this year, Jeff, who earns $50,000, and three sales representatives who each earn $30,000. All five employees are covered under the company's money purchase pension plan. The maximum deductible contribution Elliot Corporation can make to the plan for the current year is:

A. $10,000

B. $50,000

C. $100,000

D. $200,000

Reference no: EM1340203

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