Maximum deductible contribution to the profitsharing plan

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Reference no: EM131813650

Ryan (age 50) is employed by Best Mutual Funds (BMF) and participates in its profitsharing Section 401(k) plan for 2015. The plan allocates contributions based on relative compensation and is not integrated with Social Security. Ryan's current annual compensation is $80,000, and he has elected to defer 5% of compensation into the Section 401(k) plan. Including Ryan, 35 employees with a total covered payroll of $1.8 million participate in the plan and have elected to defer a total of $72,000 (4% of payroll). What is the maximum deductible contribution to the profitsharing plan BMF can make for 2015?

Reference no: EM131813650

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