This page (revision-42) was last changed on 26-Nov-2021 10:22 by mmcfarland

This page was created on 26-Nov-2021 10:22 by jmyers

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Version Date Modified Size Author Changes ... Change note
42 26-Nov-2021 10:22 17 KB mmcfarland to previous
41 26-Nov-2021 10:22 17 KB mmcfarland to previous | to last

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US Federal Tax Calculation
US Federal Tax Calculation

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At line 24 removed one line
*401K_CATCHUP
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;401K_CATCHUP:
*Optional, character, 401K Limit Catch Up Option
*indicates to Symmetry if the employee is enrolled in a 401k Catch up plan
*the annual regular 401k contribution limit is defined by the IRS, e.g. $16,500. if the user is enrolled in 401k plan with annual contribution limit greater than this regular limit, this parameter allows the 401k maximum contribution to exceed the IRS limit for Benefit Pre-tax calculation
*'DEFAULT'-Catch Up is not allowed, 'YES'-Catch Up is allowed, 'NO'-Catch Up is not allowed.
*If 401K Catch up option is applicable to all employees, user can enter ‘YES’ in IPUTP Default Value, otherwise each employee can specify the value for this option on IPRLU /IPRLUS screen
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*Do not provide a default value for this parameter.
*Any number provided will override the Federal Exemptions defined in the Federal Tax.
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*For Federal Tax Calculation, the ‘# of Exemptions’ must be entered on the FEDERAL Tab, if the employee has an IRS letter to indicate the maximum number of exemptions allowed for this employee, then enter on IPRLU MISCELLANEOUS Tab or IPRLUS STATE Tab with Misc. Identifier ‘IRS_MAX_EXEMPTIONS’
*If the employee is eligible for 401K Catch up option, enter with Misc. Identifier ‘401K_CATCHUP’
*If the 401K Catch up option is applicable to all Employees for the entire company, there is no need to enter on IPRLLU / IPRLUS for every employee, the user can specify the Default Value of ‘YES’ on IPUTP to indicate the Catch Up Option default for all employees
*For Federal Tax Calculation, the ‘# of Exemptions’ must be entered on the FEDERAL Tab, if the employee has an IRS letter to indicate the maximum number of exemptions allowed for this employee, then enter on IPRLU MISCELLANEOUS Tab or IPRLUS STATE Tab with Misc. Identifier ‘IRS_MAX_EXEMPTIONS’. Any number provided will override the Federal Exemptions, including a value of 0.
This page (revision-42) was last changed on 26-Nov-2021 10:22 by mmcfarlandTop