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The Mach Music Center offers a combined profit sharing plan with a cash or deferred arrangement (CODA). Mary is a relatively new employee who is 55 years old. She earned $47,400. If the elective deferral cap last year was $18,000, the catch-up cap for individuals age 50 and older was $6,000, and the Section 415(C) contribution limit was the lesser of $54,000 or 100% of salary, what is the maximum aggregate contribution (employer and employee) that could be attributed to Mary's account?

$53,400

$47,400

$24,000

$18,000

$60,000

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Financial Management, Finance

Category:- Financial Management
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