The quarterly update for 12/31/2019 is a large update, affecting every calculator. The majority of the changes affect the functionality of the calculations, updating them to 2020 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 changes for continued ADA support. All standard calculators meet accessibility specification WCAG 2.1 Level AA and Section 508.
"Setting Every Community Up for Retirement Security Act", better known as the SECURE Act was signed into U.S. law on December 20th, 2019 (technically it was an amendment to a much larger funding bill). The SECURE Act has a significant impact on retirement distributions. All affected calculators have been updated, both in definitions and functionality, to incorporate the new law as it now is understood. It is expected that the IRS will release further procedures to implement the SECURE Act. We expect at least one more update in 2020 to accommodate IRS published revenue procedures.
Tax Estimators Calculators
- 1040 Tax Calculator - How much in income taxes will you pay? Use this 1040 tax calculator to help determine your tax bill for next April.
- Charitable Giving Tax Savings - Use this calculator to determine your potential tax savings with a tax deductible gift to charity. This calculator sorts through the tax brackets and filing options to estimate the actual tax savings of your charitable gift.
- Estate Tax Planning - Knowing your potential estate tax liability is a great place to start your estate tax plan. Use this calculator to estimate your estate tax liability.
- Marginal Tax Rate Calculator - Use this calculator to determine your marginal and effective tax rates. This calculator sorts through the tax brackets and filing options to calculate your true tax liability.
- Net to Gross Paycheck Calculator - This calculator helps you determine the gross paycheck needed to provide a required net amount.
- Payroll Deductions Calculator - Use this calculator to help you determine the impact of changing your payroll deductions.
- Self Employment SE Taxes Calculator - If you are self-employed, operate a farm or are a church employee use this calculator to determine your self-employment taxes.
- Student Loan Interest Tax Rate Calculator - Use this calculator to see how higher incomes can phase-out or eliminate student loan interest deduction and the impact your tax bill.