Tax Reform: Encourage Ministry Employees to Check Their 2018 Tax Withholdings
Due to sweeping tax law changes, it’s important for all ministry employees to check how much federal tax should be withheld from their paychecks in 2018. MinistryWorks® by Brotherhood Mutual is encouraging every ministry employee to use the IRS withholding calculator for a quick payroll checkup.
The online calculator will help employees determine whether they need to submit a new Form W-4 to adjust their income tax withholding. Encourage employees to use the calculator right away, so that the person who manages your payroll can make the necessary adjustments. It’s easy to use and can produce more accurate results than paper withholding documents.
Checking their tax withholding early can help employees guard against having too little tax withheld throughout the year. If it were to happen, they could face an unexpected tax bill or penalty at tax time.
Not only that, but there’s another benefit to doing a checkup now. The IRS expects that the average refund will top $2,800 in 2018. Some employees may prefer having less tax withheld up front, so they can receive more money each pay period.
MinistryWorks is closely following developments related to the Tax Cuts and Jobs Act. As the IRS rolls out additional changes related to the legislation, we will do our best to keep you informed and help you comply with the new laws.
Have questions about what changes the new tax laws will bring? Our MinistryWorks payroll specialists would be glad to talk with you. Call them at 866-215-5540 or have them contact you.