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Maintenance Update 06 30 2020

Calculator update notes for 6-30-2020.

Overview:

The June 30th update for 2020 is limited to fixes and enhancements (except for the 72T calculators). This update is optional unless you have received instructions from us or have one of the calculators specifically mentioned below. All updates are cumulative, by skipping this limited update any changes to your package will be included in the next update release. To view the previous update package please see Calculator Update 3/31/2020.

Update instructions:

  1. Download the latest version of your calculator update from your download site, found on your update e-mail notice.
  2. Run the update package (KJECalc.exe). This is a self-extracting zip file. (Or unzip the KJECalc.zip file if you are using a non-windows platform.)
  3. When prompted for a directory, you may use the default or enter your own. It is recommended that you extract the update to a new directory and then move the required files to your production environment. One directory will be created with no subdirectories.
  4. Copy the new files to your current deployment, replacing files with identical files names with the new ones.

If you wish, you can download the full calculator package from the same location, and refresh all files provided by KJE for your calculators. This package includes any site specific changes done for you by KJE, but will not include any customizations by you or your web-developers. Please contact us if you have questions regarding this new update package.

Master Changes (affects all V3 calculators):

  1. Numerous fine-tuning adjustments to the V3 core deployment. This includes refinements to error handling, accessibilty, display and mobile device compatibility issues. This includes testing for the May 2020 update of the Microsoft Edge Browser.

  2. ADA and Screen Readers: Continued improvement ADA and screen reader functionality are included in this update to meet or exceed accessibility specification WCAG 2.1 Level AA and Section 508.

Calculator specific updates:

  1. Required Minimum Distribution (RMD) (RetireDistib.html): The report has been updated to include the estimated rate for return. with the following note.

    The estimated rate of return is used for future projections only, it is not used to calculate the current year's RMD.

  2. 72(t) Calculator: Early withdrawals from retirement accounts (Retire72T.html, Retire72T2.html), 72(t) Distributions: Impact on retirement fund balances (Retire72TAlt.html): The Federal Mid-Term rate has been updated for July 2020. This change affects the calculators default values and the definition of Reasonable Interest Rate For July 2020. For July 2020, 120% of the Federal Mid-Term rate has changed to 0.54%.

  3. Payroll and withholding calculators

    The Payroll withholding information has been updated the new W-4 form with the elimination of exemption and allowances.

    This affects the following calculators:

    HTML File ChangedName
    PayrollCurrent.htmlPayroll Deductions Calculator
    Payroll.htmlPayroll Deductions Comparison Calculator
    PayrollHourly.htmlPayroll Hourly Paycheck Calculator
    PayrollGross.htmlPayroll Net to Gross Calculator
    Payroll125.htmlPayroll Flexible Spending Account (FSA) Calculator
    457Payroll.htmlPayroll Deduction Calculator with 457 Contributions
    IncomeOneorTwo.htmlShould my spouse work?
    RetirePayrollSavings.htmlRetirement Contribution Effects on Your Paycheck Calculator
    RetirePayrollSavings401k.html401(k) Contribution Effects on Your Paycheck Calculator
    RetirePayrollSavings457.html457 Contribution Effects on Your Paycheck Calculator
    FGATaxSavings.htmlFlexible Giving Account Calculator

    This includes new withholding tables and new computations for tax withholdings. 2020 Federal income tax withholding calculation for redesigned 2020 W-4:

    1. Multiply taxable gross wages by the number of pay periods per year to compute your annual wage.
    2. Subtract $12,900 for Married, otherwise subtract $8,600 for Single or Head of Household from your computed annual wage.
    3. Calculate your annual tax by the IRS provided tables. If you have checked "two jobs or spouse works" alternative tax tables provide by the IRA are used to accommodate the second income.
    4. Subtract the dependent tax credit total from the computed annual tax.
    5. Divide the amount of tax by the number of pay periods per year to arrive at the amount of Federal tax withholding to be deducted per pay period.
    Single Withholding Rates 2020*
    Annual taxable income between these amountsAnnual withholdingWithhold additional % of income over this amount
    *Source: http://www.irs.gov Publication 15 Income Tax Withholding Tables for 2020
    $0 - $3,800$0.00 
    $3,800 - $13,675$0.00plus 10% of income over $3,800
    $13,675 - $43,925$987.50plus 12% of income over $13,675
    $43,925 - $89,325$4,617.50plus 22% of income over $43,925
    $89,325 - $167,100$14,605.50plus 24% of income over $89,325
    $167,100 - $211,150$33,271.50plus 32% of income over $167,100
    $211,150 - $522,200$47,367.50plus 35% of income over $211,150
    $522,200 - (no limit)$156,235.00plus 37% of income over $522,200
    Married Withholding Rates 2020*
    Annual taxable income between these amountsAnnual withholdingWithhold additional % of income over this amount
    *Source: http://www.irs.gov Publication 15 Income Tax Withholding Tables for 2020
    $0 - $11,900$0.00 
    $11,900 - $31,650$0.00plus 10% of income over $11,900
    $31,650 - $92,150$1,975.00plus 12% of income over $31,650
    $92,150 - $182,950$9,235.00plus 22% of income over $92,150
    $182,950 - $338,500$29,211.00plus 24% of income over $182,950
    $338,500 - $426,600$66,543.00plus 32% of income over $338,500
    $426,600 - $633,950$94,735.00plus 35% of income over $426,600
    $633,950 - (no limit)$167,307.50plus 37% of income over $633,950
    Head of Household Withholding Rates 2020*
    Annual taxable income between these amountsAnnual withholdingWithhold additional % of income over this amount
    *Source: http://www.irs.gov Publication 15 Income Tax Withholding Tables for 2020
    $0 - $10,500$0.00 
    $10,500 - $24,150$0.00plus 10% of income over $10,500
    $24,150 - $63,750$1,410.00plus 12% of income over $24,150
    $63,750 - $95,550$6,162.00plus 22% of income over $63,750
    $95,550 - $173,350$13,158.00plus 24% of income over $95,550
    $173,350 - $217,400$31,830.00plus 32% of income over $173,350
    $217,400 - $528,450$45,926.00plus 35% of income over $217,400
    $528,450 - (no limit)$154,793.00plus 37% of income over $528,450