Say I have a 50% contribution match from my employer. For every $2 I contribute into my 401k my employer will add their own $1.

Some employers will force you to contribute a percentage of your paycheck towards your 401k, others will allow you to contribute up to a percentage of your paycheck, not all employers match though and not at the same rate. I believe my employer allows me to contribute up to 60% of my paycheck if I wanted (until the annual IRS limit is reached) but they will only match 50% of whatever dollar amount I send to the 401k account.

IRS will only let a person add $22,500 in 2023, which means if I max out my contribution my employer will add $11,250 for a total annual contribution of $33,750.

The IRS will only allow me and my employer combined to contribute $66,000 in 2023 to my 401k. I am unable to hit that $66,000 limit because my employer doesn’t match 293% of my contribution.