Calculator update notes for 3-31-2022, especially important updates and enhancements to the income tax calculators.
Overview: Financial Calculator Update 3/31/2022
The quarterly update for 3/31/2022 is a targeted update in regards to content. It is focused on updating the tax calculators to 2022 as we near the close of the 2021 tax season.
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: 12/31/2021 Update.
Download the latest update package for your calculators from your download site, found on your update e-mail notice.
Execute the KJEUpdate.exe file from your download. This is a self-extracting zip file. (Or unzip the KJEUpdate.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.
Replace all files provided in update package. The update package includes all JS files and CSS files that are required to update the content of your calculators. IMPORTANT! The update package does not contain any HTML files or the KJESiteSpecific.js or KJESiteSpecific.css files. These files are not required for an upgrade, and replacing them may result in overwriting custom changes for your website installation. If you use the full installation package and have changed the file KJESiteSpecific.js or KJESiteSpecific.css files do not replace them.
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.
Update Failure or Issues
If your update fails, or provides unexpected coloring and formatting, Please try the following to update your sites calculators.
Download your full install calculator package KJECalc.exe (or KJECalc.zip). Use the FULL INSTALL package for this update, not the update package.
Execute the KJECalc.exe file . This is a self-extracting zip file. (Or unzip the KJEUpdate.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.
Replace all files provided in FULL INSTALL package. The package includes all JS files and CSS files that are required for a clean install of your calculators. If you have changed the file KJESiteSpecific.js or KJESiteSpecific.css files it is recommended you make a backup of these two files before you overwrite them with the new ones.
Test Clear your browsers cache and test your calculators. Please contact us with questions or issues such as colors or required special settings (we can do this as part of your normal update package for the current and future releases).
New Hosting Service
We also another option that you might want to consider. Our hosting package allows you to have calculators that you "set and forget" - all updates are applied automatically as part of the service. No more downloads or installation of updates.
Features
We match your colors, logos, fonts to match your site
You can link directly to the hosted calculators in it's app interface
Embed any calculator from your package into any page on your site for seamless integration.
Easily add calculator to your package without coding or downloads.
Here are two fully integrated examples using our hosting service:
The V3 (HTML5/JavaScript) calculators do not require any edits or modifications to HTML pages, all changes are encapsulated within the JS files provided. If you see anything that needs attention in on your website, please contact us for assistance. This update has some changes that may affect your deployment, we are ready and willing to make our newest calculators look great on your site!
All Calculators: Minor graphing adjustments to title placements on column and bar charts
ADA and Screen Readers: Updates to improve ADA and screen reader functionality continue to be applied. All calculators follow the ADA guidelines to meet accessibility specification WCAG 2.1 Level AA and Section 508. As intrepretation of these guidelines change and ADA scanning tools are refined, we continue to monitor and update the calculators.
1040 Tax Estimator: (Tax1040.html) has been updated for new rates and schedules for 2022. This includes changes to the definitions, and the calculation modules. It is likely that additional changes to the tax rates and rules will take place before the end of 2022.
Use the ‘Filing Status and Federal Income Tax Rates’ table to assist you in estimating your federal tax rate.
Filing Status and Federal Income Tax Rates 2022*
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
Standard Deduction for 2022 Federal Income Tax
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
Long-term capital gains are calculated as follows (note that qualified dividends are calculated as if they were a long-term capital gain):
Calculate your total taxable income without long-term capital gains.
Use this amount to determine the rate for your long-term gain, up to the top of the bracket.
The portion of your long-term capital gain that exceeds a bracket will be taxed at the next higher rate.
This calculator assumes that none of your long-term capital gains come from collectibles, section 1202 gains or un-recaptured 1250 gains. These types of capital gains are taxed at 28%, 28% and 25% respectively (unless your ordinary income tax bracket is a lower rate).
Long-term Capital Gain Tax Rates 2022*
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
0%
$0 - $83,350
$0 - $41,675
$0 - $55,800
$0 - $41,675
15%
$83,350 - $517,200
$41,675 - $459,750
$55,800 - $488,500
$41,675 - $258,600
20%
Over $517,200
Over $488,500
Over $459,750
Over $258,600
U.S. Easy Tax Estimator: (TaxEZ1040.html) has been updated for new rates and schedules for 2022. This includes changes to the definitions, and the calculation modules.
Simple Federal Tax Calculator: (Tax1040Simple.html) has been updated for new rates and schedules for 2022. This includes changes to the definitions, and the calculation modules.
Marginal Tax Calculator: (TaxMargin.html, SPTaxMargin.html) has been updated for new rates and schedules for 2022. This includes changes to the definitions, and the calculation modules.
Self Employment Tax Calculator: (TaxSelfEmployment.html) has been updated for new rates and schedules for 2022. This includes changes to the definitions, and the calculation modules. Please note that no new entry or output fields were required, but the tax tables and many of the tax computations were affected.
Earned Income Tax Credit Calculator: (EarnedIncomeCredit.html) has been updated for new rates and schedules for 2022. This includes changes to the definitions, and the calculation modules. Please note that no new entry or output fields were required, but the tax tables and many of the tax computations were affected.
Charitable Tax Savings Calculator: (CharitableTax.html) has been updated for new rates and schedules for 2022. This includes changes to the definitions, and the calculation modules. Please note that no new entry or output fields were required, but the tax tables and many of the tax computations were affected.
Taxable Social Security Benefits Calculator: (SocialSecurityTaxable.html) has been updated for new rates and rules for 2022. This includes changes to the definitions, and the calculation modules. Please note that no new entry or output fields were required.
72(t) Calculaor: 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 April 2022. This change affects the calculators default values and the definition of Reasonable Interest Rate For April 2022. For April 2022, 120% of the Federal Mid-Term rate is 2.24%.
The calculator has also been udpated to include the new rules that allow for any rate under 5% to be used, instead of only looking at the 120% rate. The maximum is the higher of 5% or 120% of the Federal Mid-term rate.
The new definition:
Distribution interest rate
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 for either of the two months immediately preceding the month in which the distribution begins. The new rule now sets a new maximum of 5% or 120% of the Federal Mid-Term rate -- whichever is higher. This essentially makes 5% the new maximum until Federal Mid-Term rates increase significantly.
For April 2022, 120% of the Federal Mid-Term rate is 2.24%.
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.
