Comprehensive and Detailed Explanation:For2024, the401(k) contribution limitis:
$23,000.00 for employees under 50 years old.
$30,500.00 for employees 50 and older(includes$7,500 catch-up contribution).
Since the employee is49 years old, theydo not qualify for the catch-up contribution, so the maximum contribution is$23,000.00.
[Reference:, IRS – 401(k) Contribution Limits for 2024, Payroll.org – Retirement Plan Payroll Compliance, , ]
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