401K basics: two limits.

First limit is $22500, second limit is $66000

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-401k-and-profit-sharing-plan-contribution-limits#:~:text=Deferral%20limits%20for%20401(k,to%20cost%2Dof%2Dliving%20adjustments

Two annual limits apply to contributions:

1. A limit on employee elective salary deferrals. Salary deferrals are contributions an employee makes, in lieu of salary, to certain retirement plans:
   • 401(k) plans
   • 403(b) plans
   • SARSEP IRA plans (Salary Reduction Simplified Employee Pension Plans)
   • SIMPLE IRA plans (Savings Incentive Match Plans for Employees)
      
2. An overall limit on contributions to a participant’s account. The limit applies to the total of:
   • elective deferrals (but not catch-up contributions) 
   • employer matching contributions 
   • employer nonelective contributions 
   • allocations of forfeitures