Overview: Financial Calculator Update 12/31/2012
Overview: Financial Calculator Update 12/31/2012
The quarterly update for 12/31/2012 is a large update, affecting almost every calculator. The majority of the changes affect the functionality of the calculations, updating them to 2013 rules and regulations. The most significant calculation changes in this update were to the retirement, savings, and tax calculators. It is also the first general release of Version 3 (V3). All U.S. English calculators are now available in V3.
If you have not updated your calculators recently you should definitely refresh your existing calculator pages. All updates are cumulative, so if you start fresh with this update, you will have all previous calculator updates as well. If you would like, you can review our 9/30/2012 update: 9/30/2012 Update. (The 12/31/2012 update includes all changes included in previous updates, you do not need to download any other updates to have the most current versions of all of the calculator components.)
If you wish to upgrade to V3 please email use us at:
Version 3 (V3) Calculator Updates
For more detailed information please see our frequently asked questions: FAQ
V3 calculators use JavaScript, HTML5 and CSS to display and run the calculators. There is no longer a requirement for the Java-Plugin. Upgrading to the V3 calculators has been made as easy as possible. All HTML pages retain their original name and extension to prevent broken links.
The V3 upgrade is a complete replacement of all underlying code. In addition, the minimum browser requirement for V3 is IE7. If you recieved a download notice, it will clearly state the calculator version that you have received.
As of 12/31/2012 standard U.S. English calculators have been upgraded to V3. Canadian and Spanish calculators will be available in the first quarter of 2013. Version 2 (V2) and V3 can run together from the same server in the same directory. Packages that have been upgraded to V3 that have calculators that are not yet available, will have the V2 calculators included in their download package. If you have a custom calculator that you would like upgraded please contact us for pricing and instruction.
If you wish to upgrade to V3 please email use us at:
Update Instructions
For more detailed information please see our frequently asked questions: FAQ
- Download the latest version of your calculators from your download site, found on your update e-mail notice.
- Execute the Calc.exe file from your download. This is a self-extracting zip file. (Or unzip the Calc.zip file if you are using a non-windows platform.) If you see a warning message, you can safely continue. 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 or staging environment. One directory will be created with no subdirectories.
- For V2 Support
- Replace dinkytown.jar file. This is for V2 support, if you do not have any V2 calculators you will not have a dinkytown.jar file.
- Replace files with the extension "class". This is for V2 support, if you do not have any V2 calculators you will not have any "class" files
- Make required changes to any HTML documents as described in this document or replace all of your existing HTML documents and re-apply your web-site custom changes. (NOTE: V3 does will not require any manual edits for HTML changes, all text and content updates are contained in the JS files.)
- For V3 Support
- Replace all files with extenstion .js except KJESiteSpecific.js. IMPORTANT! If you have changed the file KJESiteSpecific.js, do not replace this file from your download package, it contains site specific information that should be retained. These files are for V3 support, if you do not have any V3 calculators you will not have a these files.
- Replace KJE.css This is for V3 support, if you do not have any V3 calculators you will not have a this file.
When you test the new version of the calculators, make sure that the browser you are using uses the new files instead of any it may have in its cache. You may need to clear the browser's cache manually to ensure the new versions are loaded.
Please note, if you have a Servlet or other custom deployment (other than the custom formatted delivery described below), installation instructions for your package will found on your download page.
If you wish to upgrade to V3 please email use us at:
Custom Formatted Delivery:
Custom formatted delivery is a special option that you can add to your maintenance update service. With this option we can apply an HTML, JSP, CFM or ASP template to your calculator pages and their reports before the update is sent to you. You will then receive your calculator pages with all of your site formatting in place, without any rework to include changes that have been made to the pages deployed on your server. If you are interested in using custom formatted delivery, please contact us at (612) 331-2291, or for more information.
- Download the latest version of your calculators from your download site, found on your update e-mail notice.
- Execute the Calc.exe file from your download. This is a self-extracting zip file. (Or unzip the Calc.zip file if you are using a non-windows platform.)
- When prompted for a directory, you may use the default of "c:\java" 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.
All pages will be custom formatted to your site, no further integration or modification of the calculators is required. Please note, if your custom delivery uses Active Server Pages (ASP), Java� Server Pages (JSP) or Cold Fusion (CFM) the respective ASP, JSP or CFM pages will be in place of your HTML documents for all calculator main pages.
Calculator Updates 12/31/2012
For V2, these changes will required you to update your HTML pages either by replacing your existing HTML pages with the new ones provided or editing the pages with the new content from this update. For V3 these changes do not require any edits or modifications to HTML pages, all changes are encapsulated within the JS files provided).
IMPORTANT! There are certain calculators that had a delay in their update. Due to delays in Congressional law changes, certain U.S. calculators normally updated to the 2013 rules, taxes and regulations on 1/3/2013 were delayed until 1/11/2013. When installing your calculator package, you should see a build date of 1/11/2013 or later.
Update Changes 12/31/2012
- The definition for Rate of Return has been updated to include the S&P 500 average to include 2012.
New definition:
The actual rate of return is largely dependent on the types of investments you select. The S&P 500 for the 10 years ending Dec. 31st, 2012 had an annual compounded rate of return of 7.1%, including reinvestment of dividends. From January 1970 through the end of 2012, the average annual compounded rate of return for the S&P 500, including reinvestment of dividends, was approximately 10.1% (source: www.standardandpoors.com). Since 1970, the highest 12-month return was 61% (June 1982 through June 1983). The lowest 12-month return was -43% (March 2008 to March 2009). Savings accounts at a bank may pay as little as 0.25% or less but carry significantly lower risk of loss of principal balances.It is important to remember that these scenarios are hypothetical and that future rates of return can't be predicted with certainty and that investments that pay higher rates of return are generally subject to higher risk and volatility. The actual rate of return on investments can vary widely over time, especially for long-term investments. This includes the potential loss of principal on your investment. It is not possible to invest directly in an index and the compounded rate of return noted above does not reflect sales charges and other fees that funds and/or investment companies may charge.
This affects the following 66 calculators:
Calculator Type Name HTML File Changed Auto Calculators Lease vs. Buy BuyvsLease.html Business Calculators Equipment Buy vs. Lease BizBuyvsLease.html Business Debt Consolidation Calculator BizConsolidate.html Credit Cards and Debt Management Consolidation Loan Investment Calculator InvestmentDebt.html Insurance Calculators Variable Annuity Calculator Annuity.html Comprehensive Life Insurance Analysis EnhancedLifeIns.html Health Savings Account (HSA) Goal Calculator HSAGoal.html Health Savings Account (HSA) Savings Calculator HSASavings.html Human Life Value HumanLifeValue.html Life Insurance Calculator LifeInsurance.html Investment Calculators Annual Rate of Return Calculator AnnualReturn.html Lump Sum Annual Return Calculator AnnualReturnAmount.html Compare Investment Fees CompareFees.html Mutual Fund Expense Calculator FundExpense.html Future Value Calculator FutureValue.html Lump Sum Future Value Calculator FutureValueAmount.html Taxable vs. Tax Advantaged Investments InvestCompare.html Investment Savings and Distributions InvestmentDistribution.html Investment Distributions InvestmentDistribution2.html Investment Loan InvestmentLoan.html Investment Returns InvestmentReturn.html Investment Goal InvestmentVariables.html IRR Calculator IRRReturn.html Present Value Calculator PresentValue.html Lump Sum Present Value Calculator PresentValueAmount.html Personal Economic Recovery Calculator RecoverTime.html Annual Stock Option Grants StockGrants.html Stock Option Calculator StockOptions.html Mortgage Calculators Rent vs. Buy MortgageRentvsBuy.html Retirement Savings and Planning How Important is Social Security? NoSocial.html Pension Plan Retirement Options PensionOptions.html Traditional IRA Calculator RegularIRA.html 401(k) Savings Calculator Retire401k.html 403(b) Savings Calculator Retire403b.html 457 Savings Calculator Retire457.html 72(t) Distribution Impact Retire72Alt.html Beneficiary Required Minimum Distributions RetireBeneficiary.html Required Minimum Distribution (RMD) RetireDistrib.html How long will my retirement savings last? RetirementDistribution.html Retirement Income RetirementIncome.html Retirement Nestegg Calculator RetirementNestegg.html Retirement Planner RetirementPlan.html Retirement Pension Planner RetirementPlan3.html Retirement Planner with Retirement Earnings RetirementPlan4.html Retirement Shortfall RetireShort.html Individual 401(k) Savings Calculator RetireSolo401k.html 401(k) Spend It or Save It Calculator Rollover401k.html Roth IRA Calculator RothIRA.html Roth IRA Conversion RothTransfer.html Roth vs. Traditional IRA RothvsRegular.html Roth vs. Traditional 401(k) RothvsTraditional401k.html RMD & Stretch IRA Calculator StretchIRA.html Savings Calculators College Savings CollegeSavings.html Compare Savings Rates CompareSavings.html Compound Interest and Your Return CompoundInterest.html Savings Calculator CompoundSavings.html Savings Distribution Calculator DistribSavings.html Emergency Savings Calculator Emergency.html Lunch Savings LunchSaver.html Cool Million Millionaire.html Savings Goals Savings.html Savings, Taxes, and Inflation SavingsVariables.html Benefit of Spending Less SpendLess.html Vice Savings ViceSaver.html Don't Delay Your Savings! WaitCost.html - The definition for Inflation and Expected Inflation Rate has been updated to include CPI data from 2012. The CPI through 2012 was estimated by the Minneapolis Federal Reserve as 3.3% (the annualized rate), this small difference from the existing long term average was not enough to change the long term average, which remains at 3.0%. The new definition now reads:
This is what you expect for the average long-term inflation rate. A common measure of inflation in the U.S. is the Consumer Price Index (CPI). From 1925 through 2012 the CPI has a long-term average of 3.0% annually. Over the last 31 years highest CPI recorded was 13.5% in 1980.
This affects the following 25 calculators:
Calculator Type Name HTML File Changed Insurance Calculators Disability Insurance Disability.html Health Savings Account (HSA) Goal Calculator HSAGoal.html Health Savings Account (HSA) Savings Calculator HSASavings.html Human Life Value HumanLifeValue.html Life Insurance Calculator LifeInsurance.html Long Term Care Calculator LongtermCare.html Investment Calculators Investment Savings and Distributions InvestmentDistribution.html Investment Distributions InvestmentDistribution2.html Investment Returns InvestmentReturn.html Investment Goal InvestmentVariables.html Personal Economic Recovery Calculator RecoverTime.html Mortgage Calculators Rent vs. Buy MortgageRentvsBuy.html Retirement Savings and Planning How Important is Social Security? NoSocial.html How long will my retirement savings last? RetirementDistribution.html Retirement Income RetirementIncome.html Retirement Nestegg Calculator RetirementNestegg.html Retirement Planner RetirementPlan.html Retirement Pension Planner RetirementPlan3.html Retirement Planner with Retirement Earnings RetirementPlan4.html Retirement Shortfall RetireShort.html Social Security Benefits SocialSecurity.html Company Stock Distribution Analysis Calculator StockRollover401k.html Savings Calculators Cool Million Millionaire.html Savings Goals Savings.html Savings, Taxes, and Inflation SavingsVariables.html - Health Savings Accounts (HSA)
- Self only coverage 2013 contribution limit $3,250.
- Family coverage 2013 contribution limit $6,450.
- Catch-up contribution for plan owner's who are 55 of over remains unchanged for 2013 at $1,000.
- HDHD 2013 required deductible for Self Only coverage $1,350, for Family coverage $2,500 (no change from 2012)
- HDHP 2013 Maximum out-of-pocket for Self Only coverage $6,250, for Family coverage $12,500.
- Tax table to detemine marginal tax rate updated remains the 2012 tax rates and income brackets pending congressional changes.
Have been finalized for 2013 changes. The limits and amounts were increased slightly from 2013 for all HSA calculations. All calculators were updated to indicate the new 2013 amounts. Income tax brackets and rates were updated to 2013. This includes the following:
This affects the following calculators:
HTML File Changed Name HSABusiness.html Employer Benefit HSAContribution.html Health Savings Account (HSA) Contribution Calculator HSASavings.html Health Savings Account (HSA) Savings Calculator HSAvsTraditional.html Health Savings Account (HSA) vs. Traditional Health Plan HSAGoal.html Health Savings Account (HSA) Goal Calculator - Individual 401(k) Contribution Comparison(Individual401kContribution.html): Has been updated for 2013, contribution limits have increased for 2013 and affects the generated outputs and definitions but no new entry our output fields. Calculator has been updated for 2013 assuming the Self-Employment tax rules revert to the pre-2011 levels. Specifically, the FICA employee portion is assumed to be 6.2% for 2013 (vs. 4.2%).
- Individual 401(k) Savings Calculator(RetireSolo401k.html): Has been updated for 2013, including an increase in 401(k) contributions to $17,500 and total defined benefit contribution limit has increased to $51,000 for 2013. Calculator has been updated for 2013 assuming the Self-Employment tax rules revert to the pre-2011 levels. Specifically, the FICA employee portion is assume dto be 6.2% for 2013 (vs. 4.2%).
- Self-Employment Tax Calculator (TaxSelfEmployment.html): Has been finalized for the 2012. Minor changes have occurred to the definitions and the calculations, but there have been no additional input and output fields. (Note: the 2013 version of this calculator will be released 3/31/2013 which will include any final legislation for 2013 the FICA tax rate for employee's portion of the tax.)
- 1040EZ Tax Form (TaxEZ1040.html), Marginal and Effective Tax Rates (TaxMargin.html): Have been finalized for the 2012. Minor changes have occurred to the definitions and the calculations, but there have been no additional input and output fields. (Note: the 2013 versions of this calculators will be released 3/31/2013).
- 1040 Tax Estimator (Tax1040.html): Has been updated for changes in 2012. The final version of the 1040 tax form for 2012, and matching of labels and field names is also complete. This included input fields were added and removed. (Note: the 2013 versions of this calculators will be released 3/31/2013).
- Estate Tax Planning (EstatePlan.html, SPEstatePlan.html): No changes have been made to the estate tax calculator for 2013, pending congressional action on proposed changes.
- Long Term Care (LongtermCare.html): The estimated costs have been updated to reflect the cost of 2012 nursing home and home health care costs.
Definition for long term card costs has been updated to:
- This is your current estimated cost of long term care. According to the Genworth Financial 2012 Cost of Care Survey, the estimated median annual cost for a nursing home stay was $73,00 per year for a semi-private room. This is about $200 per day. The cost for a private room was $81,030 or $222 per day. Assisted living at home can cost more than $39,600 per year or $19.00 per hour for a home healthcare aid. All of these long-term care costs can be considerably higher in larger metropolitan areas.
The default daily value was increased to $222.
- Retirement Contribution Effects on Your Paycheck (RetirePayrollSavings.html, Spanish: SPRetirementPayrollSavings.html, RetirementPayrollSavings2.html): In addition to the Payroll changes described for the calculators above, the contribution limits for retirement plans on this calculator have been updated to reflect the new limit of $17,500 for 2013.
- Payroll and withholding calculators
Each of these calculators has been updated to the new withholding rates for 2013 as published in IRS Notice 1036 (Rev. January 2013) Income Tax Withholding Tables for 2013. The associated withholding tables have been updated as well as the calculations. In addition, the definitions and calculations have been updated to reflect that the calculator is using the 2013 amounts.
This affects the following calculators:
HTML File Changed Name Payroll.html Payroll Deductions PayrollHourly.html Hourly Paycheck Calculator Payroll125.html Section 125 Cafeteria Plan PayrollGross.html Net to Gross Paycheck Calculator 457Payroll.html 457 Payroll Calculator IncomeOneorTwo.html Should my spouse work? RetirePayrollSavings.html Retirement Contribution Effects on Your Paycheck RetirePayrollSavings2.html Retirement Contribution Effects on Your Paycheck SPPayroll.html Cheque deducciones y retenciones SPRetirePayrollSavings.html Efectos de sus Aportaciones a su Jubilaci�n sobre su Cheque de Paga - 401(k)/403(b) limits (increased to $17,500 under 50, $23,000 for 50 and over)
- Social Security tax 2013 earned income maximum of $113,700 with employee rate 6.2%.
- Allowances is $3900
- Additional Medicare Tax withholdings for earned income above $200,000. Year-to-date earnings input field added where needed to calculate.
- Flexible Spending Account for Medical maximum of $2500 for 2013.
- Definition updates as follows:
- Year-to-date earnings
- Your current year gross earnings that were subject to FICA taxes (Social Security tax and Medicare tax). This total should not include the current payroll period or any income from other sources or employers. We use this amount to determine if you are required to have Social Security tax or additional Medicare tax withheld for the current payroll period. Typically, this is your gross earnings minus employer paid health insurance and any Flexible Spending Account (FSA) contributions. In 2013, year-to-date earnings is not required or used for incomes under $113,700 per year, or if your current year-to-date earnings plus your current payroll does not exceed $113,700.
- Social Security tax
- For 2013, Social Security tax is calculated as your gross earnings times 6.2%. For 2013, incomes over $113,700 that have already had the maximum Social Security tax of $7049.40 withheld will not have additional withholdings. Please note that if you have other wages or employers this calculator does not make any assumptions as to the total Social Security tax withheld for the current year other than the actual inputs for this calculator. This tax is also referred to as the Federal Insurance Contributions Act Old Age Survivors and Disability Insurance (FICA OASDI).
- Medicare tax
- Medicare tax is calculated as your gross earnings times 1.45%. Unlike the Social Security tax, there is no annual limit to the Medicare tax. Starting in 2013, an additional Medicare tax of 0.9% is withheld on all gross earnings paid in excess of $200,000 in a calendar year. If you enter an amount for the year-to-date gross earnings, this additional Medicare tax will be calculated based on the current period's gross earnings that exceed the annual $200,000 threshold. If no year-to-date amount is entered, any additional Medicare tax withholding will be calculated only for any gross earnings in excess of $200,000 for the current payroll period. If year-to-date wages prior to the current payroll period have exceeded $200,000, the year-to-date wages must be entered to calculate an accurate additional Medicare tax.
The 2013 Withholding tables are as follows:
Single Withholding Rates 2013*
Annual taxable income between these amounts
Annual withholding
Withhold additional % of income over this amount
$0.00
$2,200.00
$0.00
$0.00
$2,200.00
$11,125.00
$0.00
plus 10% of income over $2,200.00
$11,125.00
$38,450.00
$892.50
plus 15% of income over $11,125.00
$38,450.00
$90,050.00
$4,991.25
plus 25% of income over $38,450.00
$90,050.00
$185,450.00
$17,891.25
plus 28% of income over $90,050.00
$185,450.00
$400,550.00
$44,603.25
plus 33% of income over $185,450.00
$400,550.00
$402,200.00
$115,586.25
plus 35% of income over $400,550.00
$402,200.00
(no limit)
$116,163.75
plus 39.6% of income over $402,200.00
Married Withholding Rates 2013*
Annual taxable income between these amounts
Annual withholding
Withhold additional % of income over this amount
$0.00
$8,300.00
$0.00
$0.00;
$8,300.00
$26,150.00
$0.00
plus 10% of income over $8,300.00
$26,150.00
$80,800.00
$1,785.00
plus 15% of income over $26,150.00
$80,800.00
$154,700.00
$9,982.50
plus 25% of income over $80,800.00
$154,700.00
$231,350.00
$28,457.50
plus 28% of income over $154,700.00
$231,350.00
$406,650.00
$49,919.50
plus 33% of income over $231,350.00
$406,650.00
$458,300.00
$107,768.50
plus 35% of income over $406,650.00
$458,300.00
(no limit)
$125,846.00
plus 39.6% of income over $458,300.00
- College Savings (CollegeSavings.html, SPCollegeSavings.html (Spanish)), College Planner (CollegePlanner.html): The definition for tuition, room and board, and education cost inflation have been updated to include the average costs for the 2012-13 school year. The defaults have also been changed to reflect the new average cost for the 2012-13 school year and the average cost increases for tuition and room and board. The new information is show below:
U.S. Undergraduate College Costs for 2012-13 School Year
Source: College Board's 2012 Trends in College Pricing, www.collegeboard.comType Tuition and fees Room & Board Total Change from 2011-12 Public 4-Year (in-state tuition) $8,655 $9,205 $17,860 4.2% Public 4-Year (out-of-state tuition) $21,706 $9,205 $30,911 4.1% Private 4-Year $29,056 $10,462 $39,518 4.1% - 401(k) Calculator (Retire401k.html), 401(k) With Profit Sharing (Retire401kProfitShare.html): The definitions and the calculation module have been updated to reflect the 2013 maximum contribution limits of $17,500 (a $500 increase from 2012) annually for those under 50 and $23,000 annually for those 50 and older.
- 457 Calculator (Retire457.html): The definitions and the calculation module have been updated to reflect 2013 maximum contribution limits of $17,500 (a $500 increase from 2012) annually for those under 50 and $23,000 annually for those 50 and older.
- 403b Calculator (Retire403b.html): The definitions and the calculation module have been updated to reflect 2013 maximum contribution limits of $17,500 (a $500 increase from 2012) annually for those under 50 and $23,000 annually for those 50 and older.
- Pre-tax or Roth (after tax) Account? (RothvsPreTaxAccount.html): The definitions and the calculation module have been updated to reflect 2013 maximum contribution limits of $17,500 (a $500 increase from 2012) annually for those under 50 and $23,000 annually for those 50 and older.
- 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 December 2012. This change affects the calculators default values and the definition of Reasonable Interest Rate For December 2012. For December 2012, 120% of the Federal Mid-Term rate is 1.14%.
- Roth IRA (RothIRA.html), Traditional IRA (RegularIRA.html): These calculators have been updated to 2013 phase out ranges. The maximum annual contribution of $5,500 per individual under 50 and $6,500 per individual over 50 is a $500 increase from 2012. These changes include updates to the calculation module as well as the definitions and the report.
- Roth vs. Traditional IRA (RothvsRegular.html): This calculators have been updated to 2013 phase out ranges. The maximum annual contribution of $5,500 per individual under 50 and $6,500 per individual over 50 is a $500 increase from 2012. The ROTH IRA contributions are constrained by the following income phase-outs:
If your income falls in a "phase-out" range you are allowed only a prorated Roth IRA contribution. If your income exceeds the phase-out range, you do not qualify for any Roth IRA contribution. The table below summarizes the income "phase-out" ranges for Roth IRAs.
*For the purposes of this calculator, we assume you are not Married filing separately and contributing to a Roth IRA.Tax filing status 2013 Income Phase-Out Range Married filing jointly or Head of household $178,000 to $188,000 Single $112,000 to $127,000 Married filing separately* $0 to $10,000 - Roth 401(k) or Traditional 401(k)?, Roth 401(k) vs. Traditional 401(k) and your Paycheck, Roth vs Traditional 401(k) (Compare401k.html, Compare401k2.html, RothvsTraditional401k.html) contribution limit notes updated for 2013. The definitions and the calculation module have been updated to reflect the 2013 maximum contribution limits of $17,500 (a $500 increase from 2012) annually for those under 50 and $23,000 annually for those 50 and older.
- Retirement Planner, Retirement Pension Planner, Retirement Planner with Retirement Earnings (RetirementPlan.html, RetirementPlan3.html,RetirementPlan4.html): Calculations and definitions for Social Security updated. (See Social Security calculator update for details).
- Canadian Retirement Planner (CARetirementPlan.html, FRRetirementPlan.html): The CPP and OAS defaults have been updated to $1012.50 and $546.07 respectively, to reflect the January 2013 maximum CPP and OAS amount. Source: CPP: http://www.servicecanada.gc.ca/eng/isp/pub/factsheets/rates.shtml, OAS: http://www.servicecanada.gc.ca/eng/isp/oas/oasrates.shtml
- 2013 Federal Tax Rate table has been added to the following calculators (replacing the 2012 Federal Tax Table)
Calculator Name HTML File Changed 401(k) Net Unrealized Appreciation vs. Rollover StockRollover401k.html Municipal Bond Tax Equivalent Yield TaxEquivYeild.html Mortgage Debt Consolidation MortgageConsolidate.html Roth 401(k) or Traditional 401(k)? RothvsTraditional401k.html, Compare401k.html Pre-tax or Roth (after tax) Account? RothvsPreTaxAccount.html 401(k) Spend It or Save It Calculator Rollover401k.html Investment Goal Calculator InvestmentVariables.html Roth IRA Conversion RothTransfer.html Roth IRA Conversion with Distributions RothConversion.html Retirement Plan Withdrawal RetirementWithdrawal.html REIT Tax-Equivalent Distribution REITTaxEquivYield.html Health Savings Account (HSA) Contribution Calculator HSAContribution.html Health Savings Account (HSA) Savings Calculator HSASavings.html Health Savings Account (HSA) vs. Traditional Health Plan HSAvsTraditional.html Taxable vs. Tax Advantaged Investments InvestCompare.html NOTE:The actual tax calculators will be updated at the end of the tax season, in the 3/31/2012 update.
- Social Security Calculations
Calculations and definitions updated for 2013, the income limit of $113,700 for FICA or the annual maximum benefits of $30,396 per year for a single person and 1.5 times this amount for a married couple.
These changes affect the following calculators:
Calculator Name HTML File Changed Social Security Calculator SocialSecurity.html How important is Social Security? NoSocial.html Retirement Planner RetirementPlan.html Retirement Pension Planner RetirementPlan3.html Retirement Nestegg Calculator RetirementNestegg.html Your Number & Retirement Income Plan RetirementNumber.html Retirement Planner with Retirement Earnings RetirementPlan4.html The definitions of Social Security in each of these calculators has been updated to the following:
Social Security is based on a sliding scale depending on your income, how long you work and at what age you retire. Social Security benefits automatically increases each year based on increases in the Consumer Price Index. Including a spouse increases your Social Security benefits by 1.5 times your individual estimated benefit. Please note that this calculator assumes that only one of the spouses work. Benefits could be different if your spouse worked and earned a benefit higher than one half of your benefit. If you are a married couple, and both spouses work, you may need to run the calculation twice - once for each spouse and their respective income. This calculator provides only an estimate of your benefits.
The calculations use the 2013 FICA income limit of $113,700 with an annual maximum Social Security benefit of $30,396 per year for a single person and 1.5 times this amount for a married couple. To receive the maximum benefit would require earning the maximum FICA salary for nearly your entire career. You would also need to begin receiving benefits at your full retirement age of 66 or 67 (depending on your birthdate). Your actual benefit may be lower or higher depending on your work history and the complete compensation rules used by Social Security.
- Tax Free Savings Account (TFSA) Comparison (Canadian and French Canadian) (CATFSACompare.html,FRTFSACompare.html ): The definitions and description has been updated for 2013 to include a maximum $5,500 annual savings amount. as follows. The new description reads:
How taxes are applied to an investment can make an incredible difference. Starting in 2009 all Canadians 18 and older have a new option to save where all earnings and withdrawals are tax free. As of January 2013 you are able to contribute up to $5,500 per year to a Tax Free Savings Account (TFSA) and make tax free withdrawals at any time for any purpose. This calculator is designed to help compare a normal taxable investment to a TFSA and a RRSP.
- Retirement Planner (Canadian and French Canadian) (CARetirementPlan.html,FRRetirementPlan.html ): OAS, CPP and QPP defaults have been increased for the 2013 maximums. This is now 546 OAS per month, and 1,012 per month for CPP and QPP.
- College Savings (Canadian and French Canadian) (CACollegeSavings.html, FRCollegeSavings.html): RESP plan has increased cut-offs for maximum grant. All contributors can receive up to $500. The addtional grant for 2012 this is now up to $100, if your net family income is $42,707 or less, up to $50, if your net family income is between $42,707 and $85,414. Over $85,414 addtional grant is $0.