Finance

ANNOUNCEMENTS

UMCOR is appealing for donations to help the relief agency and its partners address the Horn of Africa crisis.  Use Disaster Response International, UMCOR Advance #982450 and designate Horn of Africa Crisis.

New Social Security Withholding Rates for 2012

For 2012, the employee tax rate for social security is 4.2%.  **Section 101 of the Temporary Payroll Tax Cut Continuation Act of 2011 extends this reduction of the tax rate through the end of February 2012.  (The reduced tax rate for earnings in 2012 applies only to the first $18,350 of a worker's total wages and self-employment income.  The limit of $18,350 is two-twelfths of the $110,100 taxable earnings limit for 2012.)  Unless additional legislation is approved, the tax rate will then revert to the unreduced rate of 6.2% on March 1, 2012.

The employer tax rate for social security remains unchanged at 6.2%.  The 2012 social security wage base limit is $110,100.  In 2012, the Medicare Tax rate is 1.45% each for employers and employees, unchanged from 2011.  There is no wage base limit for Medicare Tax. 

Self-employed individuals (clergy) are responsible for paying both the employee and the employer portions of the Social Security tax and the Medicare tax.

IRS Announces 2012 Mileage Rates

WASHINGTON — The Internal Revenue Service issued the 2012 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on Jan. 1, 2012, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

• 55.5 cents per mile for business miles driven
• 23 cents per mile driven for medical or moving purposes
• 14 cents per mile driven in service of charitable organizations

The rate for business miles driven is unchanged from the mid-year adjustment that became effective on July 1, 2011.

Year End Giving Brochure Now Available Online
Click here to view and/or download

Forms and Information

		2012 Local Church Remittance Form
		2012 Workers Compensation Form
		501 C-3
		Voucher Form
		Time Sheet
		Guidelines for Equitable Compensation
		Housing Allowance Exclusion Worksheet
		How to Set the Pastor's Salary for 2012
		Purchase Order Change Form
		Record Retention
		Requisition Form
		Sharing God's Gift