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The Free Methodist Foundation supports the ministry of The Free Methodist Church — USA by providing a variety of stewardship services to Free Methodist ministries and families. These services include estate and gift planning. Our team of Christian professionals would love to speak with you and learn about your passion for your family and your favorite Free Methodist ministry — your local church or annual conference, one of our Free Methodist human service ministries, world missions and childcare, one of our educational institutions, or any other of our various ministries! We would consider it a privilege to explore creative and tax-wise ways you can provide funds for your family and these ministries during your lifetime and beyond. We firmly believe estate and gift planning can benefit everyone, whether you consider yourself poor or rich or somewhere in between. You may not think you have much, but by following God's lead with a willing heart, your gift may be just what a loved one or a ministry needs.
Tuesday March 26, 2019
Two-Income Families Benefit from "Paycheck Checkup"
In IR-2018-124, the Service offered a "Paycheck Checkup" for families with two incomes. The IRS Withholding Calculator on www.IRS.gov helps couples with two or more sources of income to adjust their withholding amounts.
Many two-income families will be able to change or reduce withholding due to the passage of the Tax Cuts and Jobs Act (TCJA). The TCJA increased the standard deduction to $24,000 for couples. It also eliminated personal exemptions, increased the Child Tax Credit and changed both the tax rates and brackets.
If you and your spouse have two or more sources of income, you could be overwithholding or underwithholding. The "Paycheck Checkup" is especially useful with two-income families because it shows the best withholding amounts for your specific situation.
To use the Withholding Calculator, you should have your 2017 tax returns and a recent paystub for both spouses. To protect your identity, the Withholding Calculator does not ask for your name, Social Security Number, address or bank account numbers. It also does not save or record the data you enter.
After you use the Withholding Calculator and enter the requisite information, you may need to contact your employer to update your IRS Form W-4. Your employer will use the new Form W-4 with your updated withholding allowances to adjust the amounts withheld from your paycheck.
With the increased $24,000 standard deduction, many couples with two incomes will be able to reduce withholding and increase their monthly take-home amounts.
Published May 25, 2018
Time for a 'Paycheck Checkup'
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April 19 is Tax Freedom Day