Church Finance Today
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- Comply with IRS requirements
If your church reported withheld taxes of more than $50,000 during the most recent lookback period (for 2018 the lookback period is July 1, 2016, through ...
If your church reported withheld taxes of $50,000 or less during the most recent lookback period (for 2018 the lookback period is July 1, 2016, through ...
- Ministers (who have not elected voluntary withholding) and self-employed workers must file their third quarterly estimated federal tax payment for 2018 by this date (a similar rule applies in many states to payments of estimated state taxes). Nonminister employees of churches that filed a timely Form 8274 (waiving the church’s obligation to withhold and pay FICA taxes) are treated as self-employed for Social Security, and as a result are subject to the estimated tax deadlines with respect to their self-employment (Social Security) taxes unless they ask their employing church to withhold an additional amount of income taxes from each paycheck (use a new Form W-4 to make this request) that will be sufficient to cover self-employment taxes.