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Church Finance Today

January 2017
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Tax Calendar

Tax Calendar

Important deadlines for churches and ministers

January 1, 2017

  • Employees and employers each pay Social Security and Medicare taxes equal to 7.65 percent of an employee’s wages. The tax rate does not change in 2017. The 7.65 percent tax rate is comprised of two components: (1) a Medicare hospital insurance tax of 1.45 percent, and (2) an old-age, survivor and disability (Social Security) tax of 6.2 percent. There is no maximum amount of wages subject to the Medicare tax. The tax is imposed on all wages regardless of amount. For 2017, the maximum wages subject to Social Security taxes (the 6.2 percent amount) is $127,200. Stated differently, employees who receive wages in excess of $127,200 in 2017 pay the full 7.65 percent tax rate for wages up to $127,200, and the Medicare tax rate of 1.45 percent on all earnings above $127,200. Employers pay an identical amount. The Medicare tax rate for certain high-income taxpayers increases by an additional 0.9 percent.

January 15, 2017

Ministers (who have not elected voluntary withholding) and self-employed workers must file their fourth quarterly estimated federal tax payment for 2016 ...

January 30, 2017

Churches hiring their first nonminister employee between October 1 and December 31, 2016, may exempt themselves from the employer’s share of Social ...

January 31, 2017

  • Churches having nonminister employees (or one or more ministers who report their federal income taxes as employees and who have elected voluntary withholding) must file an employer’s quarterly federal tax return (Form 941) for the fourth calendar quarter of 2016 by this date. Enclose a check in the total amount of all withheld taxes (withheld income taxes, withheld Social Security, and Medicare taxes paid by the employee, and the employer’s share of Social Security and Medicare taxes) if less than $2,500 on December 31, 2016.

Semiweekly requirements, January/February 2017

If your church or organization reported withheld taxes of more than $50,000 during the most recent lookback period (for 2017 the lookback period is July ...

Monthly requirements, January/February 2017

If your church or organization reported withheld taxes of $50,000 or less during the most recent lookback period (for 2017 the lookback period is July ...

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