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A charitable bequest is one of the easiest ways you can leave a lasting impact on Concordia Theological Seminary.

Thank you for your support of Concordia Theological Seminary and our mission to form servants in Jesus Christ who teach the faithful, reach the lost, and care for all. Unless you indicate otherwise, your gift will automatically be used wherever it's most needed to help train pastors and deaconesses for service in Christ's Church. You may designate your gift to student financial aid or to a specific area of interest by selecting "Other Gift" and providing a description of the area to which you would like your gift directed.

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Saturday February 16, 2019

Washington News

Washington Hotline

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
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