An employee works 53 hours (53 - 40 were overtime hours) during a workweek in December of 2023. He earns $12,000/month, with his employer paying 1.5 times the regular rate of pay for overtime hours. To date, he has earned $161,700 during the year. He has requested that his employer withhold 8.5% of gross pay, which is to be contributed to a 401(k) plan.