The quarterly update for 12/31/2021 is a large update, affecting every calculator. The majority of the changes affect the functionality of the calculations, updating them to 2022 rules and regulations. The most significant calculation changes in this update were to the retirement, savings, and tax calculators. Additional changes have also been made to enhance the user interface and continue ADA refinement. All standard calculators meet accessibility specification WCAG 2.1 Level AA and Section 508.
With this update, Internet Explorer 9 (IE9) and Internet Explorer 10 (IE 10) are no longer supported. Microsoft ended all support for IE9 and IE10 as of 1/12/2016 - our move away from these outdated browsers follows a long trend toward their more modern counterparts.
All maintenance releases are cumulative, so if you apply this update, you will have all previous calculator updates as well. For your reference you can view the previous update notes here: 9/30/2021 Update.
For more detailed information please see our frequently asked questions: FAQ: V3 Frequently Asked Questions
For more detailed information please see our deployment documentation: V3 Deployment Information
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, installation instructions for your package will found on your download page or provided separately.
The V3 (HTML5/JavaScript) calculators do not require any edits or modifications to HTML pages, all changes are encapsulated within the JS files provided.
All calculators follow the ADA guidelines to meet accessibility guidelines WCAG 2.1 Level AA and Section 508. We continue to refine our ADA support with this update. Over the past year all calculators have been tested and refined in our process of continual improvement of ADA support (often beyond what is required by the guidelines) this includes:
SortSite:
https://www.powermapper.com/products/sortsite/checks/browser-compatibility/
WebAim:
https://wave.webaim.org/
We will continue to monitor and update our software to maintain compliance and ensure any future compliance issues are resolved quickly. If you have a specific calculator on your site where you have a question please feel free to contact us.
Improvements to the graphical user interface continue with this update.
When this option is enabled and width of the calculator allows for two columns of 500px or more, entry fields appear in a left column and graphs in a right column.
Example of this option can be viewed here: Mortgage Payoff Trial Version
New definition:
The actual rate of return is largely dependent on the types of investments you select. The Standard & Poor's 500® (S&P 500®) for the 10 years ending December 31st 2021, had an annual compounded rate of return of 13.6%, including reinvestment of dividends. From January 1, 1970 to December 31st 2021, the average annual compounded rate of return for the S&P 500®, including reinvestment of dividends, was approximately 11.3% (source: www.spglobal.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 financial institution 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 investment funds and/or investment companies may charge.
New definition Spanish Definition:
Es la tasa compuesta anual de rendimiento que usted prevé lograr con sus ahorros o inversiones. La tasa de rendimiento real depende en gran parte de los tipos de inversiones que usted escoja. En los 10 años que terminaron el 31 de diciembre de 2021, el Índice Standard & Poor's 500® (S&P 500®) tuvo una tasa compuesta anual de rendimiento de 13.6%, incluyendo la reinversión de los dividendos. Del 1o de enero de 1970 al 31 de diciembre de 2021, el promedio de la tasa compuesta anual de rendimiento de S&P 500®, incluyendo la reinversión de los dividendos, fue aproximadamente 11.3% (fuente: www.spglobal.com). Desde 1970, el mayor rendimiento en un período de 12 meses fue 61% (junio de 1982 a junio de 1983). El menor rendimiento en un período de 12 meses fue -43% (marzo de 2008 a marzo de 2009). Las cuentas de ahorro en una institución financiera pueden pagar tan poco como el 0.25%, o incluso menos, pero tienen un riesgo mucho menor de pérdida del capital.
Es importante recordar que éstos son casos hipotéticos y que las tasas futuras de rendimiento no se pueden predecir con certeza, y que las inversiones que pagan mayores tasas de rendimiento generalmente están sujetas a mayor riesgo y volatilidad. La tasa real de rendimiento en las inversiones puede variar mucho a lo largo del tiempo, especialmente en inversiones a largo plazo. Esto incluye la potencial pérdida del capital de su inversión. No es posible invertir directamente en un índice, y la tasa compuesta de rendimiento que se menciona arriba no refleja cargos de ventas y otros gastos y honorarios que pueden cobrar los fondos de inversión y/o empresas de inversión.
This affects the following 66 calculators:
The actual rate of return is largely dependent on the type of investments you select. For example, the total return including dividends of the S&P/TSX Composite Index for the 10 year period from December 31, 2011 through December 31, 2021 was 8.9% (source spindices.com). Savings accounts at a bank or credit union may pay as little as 2% or less. It is important to remember that future rates of return can't be predicted with certainty and that investments that pay higher rates of return are 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.
The CPI for 2021 was estimated by the U.S. Bureau of Labor Statistics as 6.8% (the annualized rate), while higher than previous years difference from the existing long term average was not enough change the long term average of 2.9%. 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 2020 the CPI has a long-term average of 2.9% annually. Over the last 40 years the highest CPI recorded was 13.5% in 1980. For 2021, the last full year available, the CPI was 6.8% annually as reported by the U.S. Bureau of Labor Statistics.
For Spanish the definition now reads as:
Es la tasa de inflación que usted prevé como promedio a largo plazo. Una medida común de inflación en Estados Unidos es el Índice de precios al consumidor (CPI por sus siglas en inglés). De 1925 a 2021 el CPI tiene un promedio a largo plazo del 2.9% anual. En los últimos 40 años el CPI más alto fue 13.5% en 1980. En el 2021, el último año completo disponible, el CPI fue 6.8% anual, según La Oficina de Estadìsticas Laborales o Bureau of Labor Statistics (BLS - por sus siglas en inglès).
This affects the following 25 calculators (and all associated Spanish versions):
This affects the following calculators:
| RMD & Stretch IRA Calculator | Use this calculator to help determine how you can stretch out your retirement plan distributions for as long as possible. |
|---|---|
| Required Minimum Distribution (RMD) | Use this calculator to determine your Required Minimum Distributions (RMD) as an account owner of a retirement account. This financial calculator will also look at potential future year's distribution requirements. |
| Required Minimum Distribution (RMD) - Current Year | Use this calculator to determine your Required Minimum Distributions (RMD) as an account owner of a retirement account for the current year. |
| Required Minimum Distribution (RMD) - Future Projection | Use this calculator to create a projection of your future Required Minimum Distributions (RMD) as an owner of a qualified retirement account. |
| Required Minimum Distribution (RMD) - with Stretch Projection | Use this calculator to create a stretch projection for Required Minimum Distributions (RMD) of a qualified retirement account. |
| Beneficiary Required Minimum Distributions (RMD) | Use this calculator to determine your Required Minimum Distributions (RMD) as a beneficiary of a retirement account. |
| Beneficiary Required Minimum Distributions (RMD) - Current Year | Use this calculator to determine your Benfificary Required Minimum Distributions (RMD) of a retirement account for the current year. |
| Beneficiary Required Minimum Distributions (RMD) - Designated Eligible Beneficiary | Use this calculator to create a projection of your future Required Minimum Distributions (RMD) as a "Eligible Designated Beneficiary" of a qualified retirement account or if the original account owner died before January 1, 2020. |
| Beneficiary Required Minimum Distributions (RMD) - Spouse Inherited IRA | Use this calculator to create a future projection and Required Minimum Distributions (RMD) as a spouse beneficiary electing not to treat the inherited retirement account as his/her own. |
Calculations and definitions updated for 2022. The calculations use the 2022 FICA income limit of $147,000 with an annual maximum Social Security benefit of $40,140 ($3,345 per month) for a single person and 1.5 times this amount for a married couple. These are the benefit amounts the age of full retirement, delaying retirement beyond full retirement age can increase the benefit. Please see https://www.ssa.gov/news/press/factsheets/colafacts2022.pdf for more information.
These changes affect the following calculators (and associated Spanish versions):
| Name | HTML File Changed |
|---|---|
| Social Security Benefit Calculator | SocialSecurity.html |
| How important is Social Security? | NoSocial.html |
| Retirement Planner Calculator | RetirementPlan.html |
| Retirement Pension Planner Calculator | RetirementPlan3.html |
| Retirement Nestegg Calculator | RetirementNestegg.html |
| Retirement Income Calculator | RetirementNumber.html |
| Retirement Planner with Retirement Earnings Calculator | RetirementPlan4.html |
| Retirement Planner with Taxes for a Deferred Retirement Savings Plan | RetirementPlan5.html |
| Quickly determine if your retirement plan is on track - and learn how to keep it there. | RetirementPlan6.html |
| Retirement Planner for Two Working Spouses | RetirementPlanTwoIncomes.html |
| Planner for Two Working Spouses with Different Retirements | RetirementPlanWorkingSpouses.html |
| Beneficios del Seguro Social | SPSocialSecurity.html |
| ¿Cuán importante es el Seguro Social? | SPNoSocial.html |
| Planificador para Jubilación | SPRetirementPlan.html |
| Planificador de Retiro | SPRetirementPlan3.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 increase 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 spouse works. 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 2022 FICA income limit of $147,000 with an annual maximum Social Security benefit of $40,140 ($3,345 per month) 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 income 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). This calculator rounds your age of full Social Security benefits to the next highest full year. If your birthdate is between 1955 and 1959 your actual full retirement age for Social Security is 66 plus two months for each year after 1955. Your actual benefit may be lower or higher depending on your work history and the complete compensation rules used by Social Security.
For Spanish versions:
El Seguro Social está basado en una escala móvil en base a sus ingresos, a cuánto tiempo trabaja y a qué edad se jubila. Los beneficios del Seguro Social aumentan automáticamente todos los años en base a los aumentos del Índice de Precios al Consumidor. El incluir a un cónyuge aumenta sus beneficios del Seguro Social en 1.5 veces el cálculo de su beneficio individual. Note que esta calculadora asume que sólo uno de los cónyuges trabaja. Los beneficios podrían ser diferentes si su cónyuge ha trabajado y ganado un beneficio que es más de la mitad de su beneficio. En el caso de un matrimonio en el que ambos cónyuges trabajan, podría tener que hacer el cálculo dos veces - una por cada cónyuge con su respectivo ingreso. Esta calculadora sólo provee un cálculo aproximado de sus beneficios.
En las calculaciones se utiliza el límite de ingreso 2022 FICA (Ley de la Contribución Federal al Seguro Social) de $147,000 con un beneficio anual máximo del Seguro Social de $40,140 ($3,345 por mes) para una persona soltera, y esa cantidad multiplicada por 1.5 para un matrimonio. Para recibir el beneficio máximo, usted tendría que haber ganado el salario máximo FICA por casi toda su carrera. También tendría que comenzar a recibir beneficios a su plena edad de jubilación de 66 ó 67 años (dependiendo de su fecha de nacimiento). Esta calculadora redondea su plena edad de jubilación para recibir beneficios del Seguro Social al siguiente año completo. Si su fecha de nacimiento es entre 1955 y 1959, el Seguro Social considera que su plena edad de jubilación es 66 más dos meses por cada año después de 1954. Su beneficio real podría ser menor o mayor, dependiendo de su historial de trabajo y las reglas completas de compensación que usa el Seguro Social.
The tax table has been updated on the following calculators and all associated Spanish versions (replacing the 2021 Federal Tax Table).
| Tax Rate | Married Filing Jointly or Qualified Widow(er) | Single | Head of Household | Married Filing Separately |
|---|---|---|---|---|
| *Caution: Do not use these tax rate schedules to figure 2021 taxes. Use only to figure 2022 estimates. Source: Rev. Proc. 2021-45 | ||||
| 10% | $0 - $20,550 | $0 - $10,275 | $0 - $14,650 | $0 - $10,275 |
| 12% | $20,550 - $83,550 | $10,275 - $41,775 | $14,650 - $55,900 | $10,275 - $41,775 |
| 22% | $83,550 - $178,150 | $41,775 - $89,075 | $55,900 - $89,050 | $41,775 - $89,075 |
| 24% | $178,150 - $340,100 | $89,075 - $170,050 | $89,050 - $170,050 | $89,075 - $170,050 |
| 32% | $340,100 - $431,900 | $170,050 - $215,950 | $170,050 - $215,950 | $170,050 - $215,950 |
| 35% | $431,900 - $647,850 | $215,950 - $539,900 | $215,950 - $539,900 | $215,950 - $323,925 |
| 37% | Over $647,850 | Over $539,900 | Over $539,900 | Over $323,925 |
| Filing Status | Standard Deduction |
|---|---|
| Married Filing Joint | $25,900 |
| Qualified Widow(er) | $25,900 |
| Single | $12,950 |
| Heads of Household | $19,400 |
| Married Filing Separately | $12,950 |
For Spanish versions: Puede utilizar la siguiente tabla para ayudarle a determinar su actual tasa de impuesto.
| Tasa Contributiva | Casado rindiendo juntos o Viudo | Soltero | Jefe de familia | Casados declarando separadamente |
|---|---|---|---|---|
| *Cuidado: No utilice estas tasas contributivas para computar los impuestos del 2021. Solo utilizar para calcular estimados para el 2022. | ||||
| 10% | $0 - $20,550 | $0 - $10,275 | $0 - $14,650 | $0 - $10,275 |
| 12% | $20,550 - $83,550 | $10,275 - $41,775 | $14,650 - $55,900 | $10,275 - $41,775 |
| 22% | $83,550 - $178,150 | $41,775 - $89,075 | $55,900 - $89,050 | $41,775 - $89,075 |
| 24% | $178,150 - $340,100 | $89,075 - $170,050 | $89,050 - $170,050 | $89,075 - $170,050 |
| 32% | $340,100 - $431,900 | $170,050 - $215,950 | $170,050 - $215,950 | $170,050 - $215,950 |
| 35% | $431,900 - $647,850 | $215,950 - $539,900 | $215,950 - $539,900 | $215,950 - $323,925 |
| 37% | Más de $647,850 | Más de $539,900 | Más de $539,900 | Más de $323,925 |
NOTE: The actual tax calculators will be updated at the end of the tax season, in the 3/31/2022 update.
Have been finalized for 2022. The limits and amounts were increased slightly from 2020 for all HSA calculations. All calculators were updated to indicate the new 2022 amounts. Income tax brackets and rates were updated to 2022. This includes the following:
This table shows the limits for HSA's in 2022.
| 2022 | 2022 | Change | |
|---|---|---|---|
| HSA Contribution Limit | Single: $3,650 Family: $7,300 | Single: $3,600 Family: $7,200 | Single: $50+ Family: $100+ |
| HSA catch-up contributions* | $1,000 | $1,000 | No change, not indexed to inflation |
| HDHP minimum deductible | Single: $1,400 Family: $2,800 | Single: $1,400 Family: $2,800 | No change |
| HDHP maximum out-of-pocket** | Single: $7,050 Family: $14,100 | Single: $7,000 Family: $14,000 | Single: 50+ Family: $100+ |
*Catch-up contributions can be made anytime during the year in which the participant turns 55. **This includes deductible amount, co-payments and other non-premium payments. | |||
Please note, you are no longer eligible to make HSA contributions starting in the first month that you are eligible for and enrolled in Medicare Part A or B.
For complete details on HSAs you may wish to visit the U.S. Treasury at U.S. Treasury Health Savings Accounts.
This affects the following calculators:
| HTML File Changed | Name |
|---|---|
| HSABusiness.html | Health Savings Accounts (HSA) 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 |
| HSAGoal.html | Health Savings Account (HSA) vs. Traditional Total Savings Comparison |
Has been updated 2022 tax rules. This calculator is for 2022 tax calculations for taxes filed in April 2023. Minor changes have occurred to the definitions and the calculations, but there have been no additional input and output fields. The calculations use the 2022 FICA income limit of $147,000. (Note: the 2021 version of this calculator for 2021 taxes which are filed in April 2022 is available at this link 2021 Self-Employment Tax Calculator.)
Has been updated for changes in 2021. This is the final version of the 1040 tax form for 2021. (Note: the 2022 version of this calculator will be released 3/31/2022 which is for 2022 taxes which are filed in April 2023.)
This update includes:
Definition for charitable contributions has been updated to:
Enter your total gifts of cash and non-cash to qualified charitable organizations. If you are taking the standard deduction only enter cash donations only such as check, credit card or actual cash.
The calculator will automatically include a charitable contribution deduction of up to $300 ($600 for married filing jointly) with the standard deduction. The higher amount for married filers is a new addition for 2021.
We now include the CARES act $300 ($600 for married filing jointly) charitable deduction for those that do not itemize their taxes.
We now include taxable Social Security calculations and blind/over 65 options (for calculating standard deductions). This allows retired or near retirement filers to use this simpler calculator.0
Calculator was renamed to no longer reference the discontinued 1040EZ form.
This calculator has been finalized for the 2021. Minor changes have occurred to the definitions and the calculations. (Note: the 2022 version of this calculator will be released 3/31/2022 which is for 2022 taxes which are filed in April 2023.)
We now include the CARES act $300 ($600 for married filing jointly) charitable deduction for those that do not itemize their taxes.
Calculator was renamed to no longer reference the discontinued 1040EZ form.
This calculator has been finalized for the 2021. Minor changes have occurred to the definitions and the calculations. (Note: the 2022 version of this calculator will be released 3/31/2022 which is for 2022 taxes which are filed in April 2023.)
The calculator will automatically include a charitable contribution deduction of up to $600 for married filing jointly and of up to $300 for any other filing status with the standard deduction. The higher amount for married filers is a new addition for 2021.
Has been updated for changes in 2021. Minor changes have occurred to the definitions and the calculations. Note: the 2022 version of this calculator will be released 3/31/2022 which is for 2022 taxes which are filed in April 2023.
The calculator will automatically include a charitable contribution deduction of up to $600 for married filing jointly and of up to $300 for any other filing status with the standard deduction. The higher amount for married filers is a new addition for 2021.
The Federal Mid-Term rate has been updated for January 2022. This change affects the calculators default values and the definition of Reasonable Interest Rate For January 2022. For January 2022, 120% of the Federal Mid-Term rate is 1.56%.
This calculator has been updated for 2022. Contribution limits have increased to $61,000 per year. The catch-up amount remains the same at $6,500. Definitions and information have been updated to reflect the calculator is current for 2022.
This calculator has been updated for 2022, 401(k) contribution maximum increased $%1,000 tp $20,500. The total defined benefit contribution limit has increased to $61,000. The catch-up amount remains the same at $6,500. Definitions and information have been updated to reflect the calculator is current for 2022.
The definitions and the calculation module have been updated to reflect the 2022 maximum contribution limits of $20,500 annually for those under 50 and $27,000 annually for those 50 and older. The Payroll withholding information has also been updated to 2022 rules and rates.
The Payroll withholding information has been updated to 2022 rules and rates.
This affects the following calculators:
| HTML File Changed | Name |
|---|---|
| Payroll Deduction Calculator with 457 Contributions | Use this calculator to help you determine the impact of changing your payroll deductions. |
| Payroll Deductions Calculator | Use this calculator to help you determine your net paycheck. This calculator uses the redesigned W-4 created to comply with the elimination of exemptions in the Tax Cuts and Jobs Act (TCJA). |
| Payroll Deductions Calculator W-4 with Exemptions | This calculator uses the W-4 with exemptions that was used before the Tax Cuts and Jobs Act (TCJA) compliant version was available. It is largely obsolete, but may be used if an employee has an older version W-4 filed with their employer (new W-4's will not use this version). |
| Payroll Deductions Comparison Calculator | Use this calculator to help you determine the impact of changing your payroll deductions. This calculator uses the redesigned W-4 created to comply with the elimination of exemptions in the Tax Cuts and Jobs Act (TCJA). |
| Payroll Flexible Spending Account (FSA) Calculator | Use this calculator to see how participating in Flexible Spending Account (FSA) contributions can help you pay less tax, and increase your net take home pay. |
| Payroll Hourly Paycheck Calculator | Use this calculator to help you determine your paycheck for hourly wages. |
| Payroll Net to Gross Calculator | Determine the gross paycheck needed to provide a required net amount. |
| 401(k) Contribution Effects on Your Paycheck Calculator | Use this calculator to see how increasing your contributions to a 401(k) plan can affect your paycheck as well as your retirement. |
| 457 Plan Contribution Effects on Your Paycheck Calculator | Use this calculator to see how increasing your contributions to a 457 plan can affect your paycheck as well as your retirement. |
| Retirement Contribution Effects on Your Paycheck Calculator | Use this calculator to see how increasing your contributions to a 401(k), 403(b) or 457 plan can affect your paycheck as well as your retirement. |
| Should my spouse work? | This calculator is designed to help you see the financial impact of having either one or two incomes for your household. |
| Cheque deducciones y retenciones | Utilice esta calculadora para ver los cambios en el cheque de pago con diferentes deducciones y retenciones. |
| Efectos de sus Aportaciones a su Jubilación sobre su Cheque de Paga | Utilice esta calculadora para ver el impacto que tiene sobre su cheque de paga y su jubilación el aumentar sus aportaciones al plan 401(k), 403(b) o 457. |
Definition updates as follows:
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 2022, year-to-date earnings is not required or used for incomes under $147,000 per year, or if your current year-to-date earnings plus your current payroll does not exceed $147,000.
For 2022, Social Security tax is calculated as your gross earnings times 6.2%. For 2022, incomes over $147,000 that have already had the maximum Social Security tax of $9,114 withheld will not have additional withholding. 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 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.
2022 Federal income tax withholding calculation:
| Annual taxable income between these amounts | Annual withholding | Withhold additional % of income over this amount |
|---|---|---|
| *Source: http://www.irs.gov Publication 15 Income Tax Withholding Tables for 2022 | ||
| $0 - $6,475 | $0.00 | |
| $6,475 - $11,613 | $0.00 | plus 10% of income over $6,475 |
| $11,613 - $27,363 | $513.75 | plus 12% of income over $11,613 |
| $27,363 - $51,013 | $2,403.75 | plus 22% of income over $27,363 |
| $51,013 - $91,500 | $7,606.75 | plus 24% of income over $51,013 |
| $91,500 - $114,450 | $17,323.75 | plus 32% of income over $91,500 |
| $114,450 - $276,425 | $24,667.75 | plus 35% of income over $114,450 |
| $276,425 - (no limit) | $81,359.00 | plus 37% of income over $276,425 |
| Annual taxable income between these amounts | Annual withholding | Withhold additional % of income over this amount |
|---|---|---|
| *Source: http://www.irs.gov Publication 15 Income Tax Withholding Tables for 2022 | ||
| $0 - $12,950 | $0.00 | |
| $12,950 - $23,225 | $0.00 | plus 10% of income over $12,950 |
| $23,225 - $54,725 | $1,027.50 | plus 12% of income over $23,225 |
| $54,725 - $102,025 | $4,807.50 | plus 22% of income over $54,725 |
| $102,025 - $183,000 | $15,213.50 | plus 24% of income over $102,025 |
| $183,000 - $228,900 | $34,647.50 | plus 32% of income over $183,000 |
| $228,900 - $336,875 | $49,335.50 | plus 35% of income over $228,900 |
| $336,875 - (no limit) | $87,126.75 | plus 37% of income over $336,875 |
| Annual taxable income between these amounts | Annual withholding | Withhold additional % of income over this amount |
|---|---|---|
| *Source: http://www.irs.gov Publication 15 Income Tax Withholding Tables for 2022 | ||
| $0 - $9,700 | $0.00 | |
| $9,700 - $17,025 | $0.00 | plus 10% of income over $9,700 |
| $17,025 - $37,650 | $732.50 | plus 12% of income over $17,025 |
| $37,650 - $54,225 | $3,207.50 | plus 22% of income over $37,650 |
| $54,225 - $94,725 | $6,854.00 | plus 24% of income over $54,225 |
| $94,725 - $117,675 | $16,574.00 | plus 32% of income over $94,725 |
| $117,675 - $279,650 | $23,918.00 | plus 35% of income over $117,675 |
| $279,650 - (no limit) | $80,609.25 | plus 37% of income over $279,650 |
The definition for tuition, room and board, and education cost inflation have been updated to include the average costs for the 2021-22 school year. The defaults have also been changed to reflect the new average cost for the 2021-22 school year and the average cost increases for tuition and room and board. The new information is show below:
The average published costs of college for the 2021-22 school year (including tuition, room and board, books, supplies, transportation and other personal expenses) as reported by the College Board:
| College Type | Tuition & Fees | Additional Expenses* | Total | Change from 2019-20 |
|---|---|---|---|---|
| *This includes room and board, books, supplies, transportation and other personal expenses. | ||||
| Public 4-Year (in-state tuition) | $10,740 | $16,590 | $27,330 | 1.1% |
| Public 4-Year (out-state tuition) | $27,560 | $16,590 | $44,150 | 0.9% |
| Private 4-Year | $38,070 | $17,730 | $55,800 | 2.1% |
The definitions and the calculation module have been updated to reflect the 2022 maximum contribution limits of $20,500 annually for those under 50 and $27,000 annually for those 50 and older.
The definitions and the calculation module have been updated to reflect the 2022 maximum contribution limits of $20,500 annually for those under 50 and $27,000 annually for those 50 and older. The limitation used in the definition of highly compensated employee increased from $130,000 in 2021 to $135,000 for 2022.
The definitions and the calculation module have been updated to reflect the 2022 maximum contribution limits of $20,500 annually for those under 50 and $27,000 annually for those 50 and older.
The exemption amount has been increased to $12,060,000. This is $720,000 more 2021's $11,700,000. There was no change in the estate tax rate. The annual gift exclusion increased to $16,000.
These calculators have been updated to 2022 phase out ranges. The maximum annual contribution of $6,000 per individual under 50 and $7,000 per individual over 50 remains unchanged from 2021. These changes include updates to the calculation module as well as the definitions and the report.
The tables and text below has been updated:
| Tax Filing Status | Income Phase-Out Range |
|---|---|
| Married filing jointly or head of household | $204,000 to $214,000 |
| Single | $129,000 - $144,000 |
| Married filing separately | $0 - $10,000 |
| Tax Filing Status | Income Phase-Out Range |
|---|---|
| Married filing jointly | $109,000 - $129,000 |
| Single, Head of Household or Married Filing Separately (and have not lived with spouse for last year)* | $68,000 - $78,000 |
| Married filing separately* | $0 - $10,000 |
| Married filing jointly (spouse has employer plan, IRA owner does not)** | $204,000 - $214,000 |