NEW Service! KJE Hosted: 'Set It and Forget It'. Ask us how this new service can automate your updates, making your calculators truly 'Set it and Forget it'. Minimize technical support time and expense. Seamless integration with cloud based KJE Hosted calculators.
The quarterly update for 12/31/2022 is a large update, affecting every calculator. The majority of the changes affect the functionality of the calculations, updating them to 2023 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 11 is supported but no longer actively tested for compatibility. Microsoft ended support of IE 11 in August 2022 for most operating systems and will disable IE 11 for Windows 10 in early 2023. 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: 9/30/2022 Update.
For more detailed information please see our frequently asked questions: FAQ: V3 Frequently Asked Questions
If you are using our KJE Hosted deployment, you do not need to do anything to see the updates. We will refresh your package's KJE hosted files and the changes will automatically be pulled through to your site. You can test the files on your website as soon as you have received your update notice. Please let us know if you need any adjustments to colors, fonts or layout. We are here to help.
For more detailed information please see our deployment documentation: V3 Deployment Information. This deployment type requires you to download and install the latest update package.
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.
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 calculators with one graph and one input section use side-by-side viewing layout. The inputs will appear in a left column and the graph in a right column.
Example of this option can be viewed here: Mortgage Payoff Trial Version
The recent passage of the SECURE Act 2.0 includes some immediate changes to the calculations of many calculators. The foremost change was to the Required Minimum Distribution (RMD) calculation for account owners. The table below shows the new RMD Ages now used by all RMD calculators. A new calculator has been added to specifically calculate when the first RMD is required. It can be found here: Required Minimum Distribution (RMD) - Year To Begin.
SECURE 2.0 increases the age of Required Minimum Distribution (RMD) for account owners:
Secure 2.0 did not change how the RMD is calculated; it only changed the age that they start. These rules took effect January 1st, 2023.
| Birthdate | Age* |
|---|---|
| Account owners born on or before 6/30/1949 | 70 1/2* |
| 7/1/1949 through 12/31/2050 | 72* |
| 1/1/1951 through 12/31/1960 | 73* |
| Account owners born on or after 1/1/1961 | 75* |
| *Age of account owner as of 12/31 of the distribution year. This RMD chart only applies to the original account owner or a spouse who chooses to treat their inherited account as their own. | |
| 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. |
| Required Minimum Distribution (RMD) - Year To Begin | Use this calculator to determine calculate when your Required Minimum Distributions (RMD) must begin to avoid penalties. If distributions are required to have been started, it will also calculate the current year RMD. |
| RMD & Stretch IRA Calculator | Use this calculator for a spouse beneficiary (assumes spouse rolls to own IRA) or owner's death was post 2019 and the beneficiary is a Designated Beneficiary. |
SECURE 2.0 Additional Catchup Contributions for employer retirement plans:
The current calculators have an updated definition for changes that take place starting in 2025 for additional catch-up contributions for people ages 60 to 63. Below is the new definition that appears when the contribution limit appears in a calculator. Calculation changes, which impact retirement savings plans contribution amount, will be implemented as the changes go into effect. As the new rules are further clarified, it is expected that the 3/31/2023 update will included additional changes.
This is the percentage of your annual salary you contribute to your 401(k) plan each year. Your annual 401(k) contribution is subject to maximum limits established by the IRS. The annual maximum for 2023 is $22,500. If you are age 50 or over, a 'catch-up' provision allows you to contribute an additional $7,500 into your account. The SECURE 2.0 Act of 2022 adds an additional catch-up provision starting in 2025. The current calculator does not include this new catch-up contribution. The new special catch-up contribution, when you are age 60 to 63, allows an additional contribution of $10,000 or 150% of the standard catch-up contribution limit from 2024 (whichever is higher). The $10,000 maximum is adjusted for inflation starting in 2026. Employer contributions do not count toward the IRS annual contribution limit.
Employees classified as "Highly Compensated" may be subject to additional limits based on their employer's overall 401(k) participation. If you expect your salary to be $150,000 or more in 2023 or was $135,000 or more in 2022, you may need to contact your employer to see if these additional contribution limits apply to you.
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 2022, had an annual compounded rate of return of 12.6%, including reinvestment of dividends. From January 1, 1970 to December 31st 2022, the average annual compounded rate of return for the S&P 500®, including reinvestment of dividends, was approximately 10.7% (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 2022, el Índice Standard & Poor's 500® (S&P 500®) tuvo una tasa compuesta anual de rendimiento de 12.6%, incluyendo la reinversión de los dividendos. Del 1o de enero de 1970 al 31 de diciembre de 2022, el promedio de la tasa compuesta anual de rendimiento de S&P 500®, incluyendo la reinversión de los dividendos, fue aproximadamente 10.7% (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, 2012 through December 31, 2022 was 7.6% (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-U for the 12 months ending October 31st 2022 was reported by the U.S. Bureau of Labor Statistics as 7.7% (the annualized rate), higher than previous years with enough change to affect the long term average. It increaed from 2.9% to 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 2022 the CPI has a long-term average of 3.0% annually. Over the last 40 years the highest CPI recorded was 13.5% in 1980. For the 12 months ending October 31st 2022 the CPI for All Urban Consumers (CPI-U) was 7.7% 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 2022 el CPI tiene un promedio a largo plazo del 3.0% anual. En los últimos 40 años el CPI más alto fue 13.5% en 1980. En el 2022, el último año completo disponible, el CPI fue 7.7% 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):
Calculations and definitions updated for 2023. The calculations use the 2023 FICA income limit of $160,200 with an annual maximum Social Security benefit of $43,524 ($3,627 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/colafacts2023.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 2023 FICA income limit of $160,200 with an annual maximum Social Security benefit of $43,524 ($3,627 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 the age you can receive 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 2023 FICA (Ley de la Contribución Federal al Seguro Social) de $160,200 con un beneficio anual máximo del Seguro Social de $43,524 ($3,627 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 2022 Federal Tax Table).
| Tax Rate | Married Filing Jointly or Qualified Widow(er) | Single | Head of Household | Married Filing Separately |
|---|---|---|---|---|
| 10% | $0 - $22,000 | $0 - $11,000 | $0 - $15,700 | $0 - $11,000 |
| 12% | $22,000 - $89,450 | $11,000 - $44,725 | $15,700 - $59,850 | $11,000 - $44,725 |
| 22% | $89,450 - $190,750 | $44,725 - $95,375 | $59,850 - $95,350 | $44,725 - $95,375 |
| 24% | $190,750 - $364,200 | $95,375 - $182,100 | $95,350 - $182,100 | $95,375 - $182,100 |
| 32% | $364,200 - $462,500 | $182,100 - $231,250 | $182,100 - $231,250 | $182,100 - $231,250 |
| 35% | $462,500 - $693,750 | $231,250 - $578,125 | $231,250 - $578,125 | $231,250 - $346,875 |
| 37% | Over $693,750 | Over $578,125 | Over $578,125 | Over $346,875 |
| *Caution: Do not use these tax rate schedules to figure 2022 taxes. Use only to figure 2023 estimates. Source: Rev. Proc. 2022-45 | ||||
| Filing Status | Standard Deduction |
|---|---|
| Married Filing Joint | $27,700 |
| Qualified Widow(er) | $27,700 |
| Single | $13,850 |
| Heads of Household | $20,800 |
| Married Filing Separately | $13,850 |
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 |
|---|---|---|---|---|
| 10% | $0 - $22,000 | $0 - $11,000 | $0 - $15,700 | $0 - $11,000 |
| 12% | $22,000 - $89,450 | $11,000 - $44,725 | $15,700 - $59,850 | $11,000 - $44,725 |
| 22% | $89,450 - $190,750 | $44,725 - $95,375 | $59,850 - $95,350 | $44,725 - $95,375 |
| 24% | $190,750 - $364,200 | $95,375 - $182,100 | $95,350 - $182,100 | $95,375 - $182,100 |
| 32% | $364,200 - $462,500 | $182,100 - $231,250 | $182,100 - $231,250 | $182,100 - $231,250 |
| 35% | $462,500 - $693,750 | $231,250 - $578,125 | $231,250 - $578,125 | $231,250 - $346,875 |
| 37% | Más de $693,750 | Más de $578,125 | Más de $578,125 | Más de $346,875 |
| *Cuidado: No utilice estas tasas contributivas para computar los impuestos del 2022. Solo utilizar para calcular estimados para el 2023. | ||||
NOTE: The actual tax calculators will be updated at the end of the tax season, in the 3/31/2023 update.
Have been finalized for 2023. All calculators were updated to indicate the new 2023 amounts. Income tax brackets and rates were updated to 2023. This includes the following:
This table shows the limits for HSA's in 2023.
| 2023 | 2022 | Change | |
|---|---|---|---|
| HSA Contribution Limit | Single: $3,850 Family: $7,750 | Single: $3,650 Family: $7,300 | Single: +$200 Family: +$450 |
| HSA catch-up contributions* | $1,000 | $1,000 | No change, not indexed to inflation |
| HDHP minimum deductible | Single: $1,500 Family: $3,000 | Single: $1,400 Family: $2,800 | Self-only: +$100 Family: +$200 |
| HDHP maximum out-of-pocket** | Single: $7,500 Family: $15,000 | Single: $7,050 Family: $14,100 | Single: +$450 Family: +$900 |
*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. | |||
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 2023 tax rules. This calculator is for 2023 tax calculations for taxes filed in April 2024. Minor changes have occurred to the definitions and the calculations, but there have been no additional input and output fields. The calculations use the 2023 FICA income limit of $160,200. (Note: the 2022 version of this calculator for 2022 taxes which are filed in April 2023 is available at this link 2022 Self-Employment Tax Calculator.)
Has been updated for changes in 2022. This is the final version of the 1040 tax form for 2022. (Note: the 2023 version of this calculator will be released 3/31/2023 which is for 2023 taxes which are filed in April 2024.)
This update includes: removal of the $300 ($600 married filing jointly) charitable cash deduction for those do not itemize their taxes.
This calculator has been finalized for the 2022. Minor changes have occurred to the definitions and the calculations. (Note: the 2023 version of this calculator will be released 3/31/2023 which is for 2023 taxes which are filed in April 2024.)
This calculator has been finalized for the 2022. Minor changes have occurred to the definitions and the calculations. (Note: the 2023 version of this calculator will be released 3/31/2023 which is for 2023 taxes which are filed in April 2024.)
Has been updated for changes in 2022. Minor changes have occurred to the definitions and the calculations. Note: the 2023 version of this calculator will be released 3/31/2023 for 2023 taxes which are filed in April 2024.
The definitions have been updated and maximum amount allowed to be entered as the reasonable interest rate field has been increased to accomidate recent interest rate increases. The current definitions is as follows:
In January of 2022, Notice 2022-6 specified a change to what is considered an acceptable interest rate when calculating distributions. Previously the rule set the maximum rate at 120% of the Federal Mid-Term rate. The new rule makes 5% the maximum unless the 120% of the Federal Mid-Term exceeds that amount. The Federal Mid-Term rate to use can be from either of the two months immediately preceding the month in which the distribution begins.
For January 2023, 120% of the Federal Mid-Term rate 4.62%. Click here for more information about Federal Interest rates.
It is important to note that the associated law that created 72(t)/(q) distributions did not define what was to be considered a reasonable interest rate. As such, the guidance from the IRS generally flows from the concept that they will not allow people to circumvent the requirement of substantially equal periodic payments (SEPP) throughout your lifetime by using an unreasonably high interest rate.
This calculator has been updated for 2023. Contribution limits have increased to $66,000 per year. The catch-up amount was increaed to $7,500. Definitions and information have been updated to reflect the calculator is current for 2023. s
This calculator has been updated for 2023, 401(k) contribution maximum increased $1,000 to $22,500. The total defined benefit contribution limit has increased to $66,000. The catch-up amount was increaed to $7,500. Definitions and information have been updated to reflect the calculator is current for 2023. The new maximum annual contribution is:
This is the maximum amount you are allowed to contribute to your Individual 401(k) account per year. In 2023, the maximum contribution to an Individual 401(k) is $66,000 for individuals under 50, and for individuals age 50 and over there is an additional $7,500 catch-up contribution. Self-employment income of $230,517 or more is required to qualify for the maximum contribution in 2023.
If you earn less than $230,517 in 2023, your maximum is calculated as follows: First, as the employee, you are able to contribute up to $22,500 in 2023 to your Individual 401(k) or 100% of your self-employment income, whichever is less. For individuals age 50 or over, an additional $7,500 catch-up contribution increases this portion of your contribution to $30,000, but is still limited to no more than 100% of your earned income. Second, you are allowed employer contributions - even though self-employed people are in-fact their own employee. Employer contributions, for the self-employed, are limited to an additional 25% of adjusted net business profits, up to the maximum total amount allowed per year.
It is important to note that you may be subject to additional contribution limitations if you participate in an additional retirement program through another employer. For 2023, total retirement plan contributions are limited to $66,000 or 100% of your total compensation for the year ($73,500 if age 50 or older). This includes contributions to your Individual 401(k) as well as any other employer plan. It also includes profit matching and employer contributions. Contributions to a Traditional IRA or Roth IRA are not included in this limit. Catch-up contributions for individuals over 50 are not included in this limit.
The definitions and the calculation module have been updated to reflect the 2023 maximum contribution limits of $22,500 annually for those under 50 and $30,000 annually for those 50 and older. The Payroll withholding information has also been updated to 2023 rules and rates.
The Payroll withholding information has been updated to 2023 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 2023, year-to-date earnings is not required or used for incomes under $160,200 per year, or if your current year-to-date earnings plus your current payroll does not exceed $160,200.
For 2023, Social Security tax is calculated as your gross earnings times 6.2%. For 2023, incomes over $160,200 that have already had the maximum Social Security tax of $9932.40 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).
2023 Federal income tax withholding calculation:
| Annual taxable income between these amounts | Annual withholding | Withhold additional % of income over this amount |
|---|---|---|
| $0 - $5,250 | $0.00 | |
| $5,250 - $16,250 | $0.00 | plus 10% of income over $5,250 |
| $16,250 - $49,975 | $1,100.00 | plus 12% of income over $16,250 |
| $49,975 - $100,625 | $5,147.00 | plus 22% of income over $49,975 |
| $100,625 - $187,350 | $16,290.00 | plus 24% of income over $100,625 |
| $187,350 - $236,500 | $37,104.00 | plus 32% of income over $187,350 |
| $236,500 - $583,375 | $52,832.00 | plus 35% of income over $236,500 |
| $583,375 - (no limit) | $174,238.25 | plus 37% of income over $583,375 |
| *Source: http://www.irs.gov Publication 15 Income Tax Withholding Tables for 2023 | ||
| Annual taxable income between these amounts | Annual withholding | Withhold additional % of income over this amount |
|---|---|---|
| $0 - $14,800 | $0.00 | |
| $14,800 - $36,800 | $0.00 | plus 10% of income over $14,800 |
| $36,800 - $104,250 | $2,200.00 | plus 12% of income over $36,800 |
| $104,250 - $205,550 | $10,294.00 | plus 22% of income over $104,250 |
| $205,550 - $379,000 | $32,580.00 | plus 24% of income over $205,550 |
| $379,000 - $477,300 | $74,208.00 | plus 32% of income over $379,000 |
| $477,300 - $708,550 | $105,664.00 | plus 35% of income over $477,300 |
| $708,550 - (no limit) | $186,601.50 | plus 37% of income over $708,550 |
| *Source: http://www.irs.gov Publication 15 Income Tax Withholding Tables for 2023 | ||
| Annual taxable income between these amounts | Annual withholding | Withhold additional % of income over this amount |
|---|---|---|
| $0 - $12,200 | $0.00 | |
| $12,200 - $27,900 | $0.00 | plus 10% of income over $12,200 |
| $27,900 - $72,050 | $1,570.00 | plus 12% of income over $27,900 |
| $72,050 - $107,550 | $6,868.00 | plus 22% of income over $72,050 |
| $107,550 - $194,300 | $14,678.00 | plus 24% of income over $107,550 |
| $194,300 - $243,450 | $35,498.00 | plus 32% of income over $194,300 |
| $243,450 - $590,300 | $51,226.00 | plus 35% of income over $243,450 |
| $590,300 - (no limit) | $172,623.50 | plus 37% of income over $590,300 |
| *Source: http://www.irs.gov Publication 15 Income Tax Withholding Tables for 2023 | ||
The definition for tuition, room and board, and education cost inflation have been updated to include the average costs for the 2022-23 school year. The defaults have also been changed to reflect the new average cost for the 2022-23 school year and the average cost increases for tuition and room and board. The new information is show below:
The current estimated cost of one year of tuition and books. This amount should be per child and be specific to the school they may be interested in attending. The average published costs of college for the 2022-23 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 |
|---|---|---|---|---|
| Public 4-Year (in-state tuition) | $10,940 | $17,000 | $27,940 | 1.8% |
| Public 4-Year (out-state tuition) | $28,240 | $17,000 | $45,240 | 2.2% |
| Private 4-Year | $39,400 | $18,170 | $57,570 | 3.5% |
For the purposes of this calculator all expenses are assumed to be due at the end of the year.
This is the percentage that you expect educational costs to increase per year. Data provided by The College Board's "Trends in College Pricing 2022" reported tuition and fees increased approximately 4.8% annually over the past 30 years. 2022 saw a smaller increase of approximately 2%.
The definitions and the calculation module have been updated to reflect the 2023 maximum contribution limits of $22,500 annually for those under 50 and $30,000 annually for those 50 and older.
The definitions and the calculation module have been updated to reflect the 2023 maximum contribution limits of $22,500 annually for those under 50 and $30,000 annually for those 50 and older. The limitation used in the definition of highly compensated employee increased from $130,000 in 2023 to $135,000 for 2023.
The definitions and the calculation module have been updated to reflect the 2023 maximum contribution limits of $22,500 annually for those under 50 and $30,000 annually for those 50 and older.
The exemption amount has been increased to $12,920,000. This is $860,000 more 2023's $12,060,000. There was no change in the estate tax rate. The annual gift exclusion increased to $17,000 from $16,000.
These calculators have been updated to 2023 phase out ranges. The maximum annual contribution is $6,500 per individual under 50 and $7,500 per individual over 50. 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 | $218,000 to $228,000 |
| Single | $138,000 - $153,000 |
| Married filing separately | $0 - $10,000 |
| Tax Filing Status | Income Phase-Out Range |
|---|---|
| Married filing jointly | $116,000 - $136,000 |
| Single, Head of Household or Married Filing Separately (and have not lived with spouse for last year)* | $73,000 - $83,000 |
| Married filing separately* | $0 - $10,000 |
| Married filing jointly (spouse has employer plan, IRA owner does not)** | $218,000 - $228,000 |