Define override rates and limits
The Year-End programs provide information messages for Social Security amounts withheld compared to the SS rate and limit. Use this topic to override the defaulting rates and limits for year-end runs. Rates default for years 2000 to the current year. Run Year-End Parameter Report (PR227) to view the default rates and overridden rates.
Specify this information:
| 401(k),408(k) Deferral Limit | To override the 401(k) and 408(k) maximum deferral amount, specify the amount in this field. |
| 403(b) Deferral Limit |
To override the 403(b) maximum deferral amount, specify the amount in this field. Individual employees can have a different limit specified on Employee Deduction (PR14.1). If so, the system uses that limit for the employee. |
| 457 Deferral Limit | To override the 457 maximum deferral, specify the amount in this field. |
| Medicare Rate |
To override the Medicare rate, specify the rate in this field. This rate does not include the .9% Additional Medicare Tax. For 2012, the Medicare warning message will factor in an additional 9% over the default rate of 1.45% for wages over $200,000. The additional .9% over $200,000 cannot be overridden in this topic. |
| RRTA Tier2 Soc Sec Rate | To override the Railroad Retirement Tier 2 Social Security tax rate, specify the rate in this field. |
| Social Security Limit | To override this Social Security limit, specify the limit in this field. |
| Social Security Rate | To override the Social Security rate, specify the rate in this field. |