Override rates and limits

The year-end programs provide information messages for Social Security amounts withheld compared to the Social Security rate and limit. Use this topic to override the defaulting rates and limits for year-end runs. Rates are filled automatically for years 2000 to the current year.

  1. Specify this information in the Limits section:
    401(k),408(k) Deferral
    To override the 401(k) and 408(k) maximum deferral amounts, specify the amount in this field.
    403(b) Deferral

    To override the 403(b) maximum deferral amounts, specify the amount in this field.

    Individual employees can have a different limit specified on Employee Deduction. If so, the system uses that limit for the employee.

    457 Deferral
    To override the 457 maximum deferral, specify the amount in this field.
    Social Security
    To override this Social Security limit, specify the limit in this field.
  2. Specify this information in the Rates section:
    Medicare

    To override the Medicare rate, specify the rate in this field.

    This rate does not include the 0.9% Additional Medicare Tax. The Medicare warning message will factor in an additional 0.9% over the default rate of 1.45% for wages over $200,000. The additional 0.9% over $200,000 cannot be overridden in this topic.

    Social Security
    To override this Social Security limit, specify the limit in this field.
    Railroad Retirement Tax Act Tier2 Social Security Rate
    To override the Railroad Retirement Tier 2 Social Security tax rate, specify the rate in this field.