XYZ corporation, a very small business, sponsors a 401 k plan to which XYZ's employees made elective deferrals of $15,000 in the year 2017. XYZ's total payroll for all employees covered under the in the year of 2017 was $100,000.
The company provides no matching contribution at this time.
What is the maximum amount of tax deduction that could be taken by XYZ corporation for contributions made to employee accounts in the year 2017?