How does a Non-salaried, Non-employee Ordained Minister Figure His Estimated Tax Liability
by Kathy Butler
I understand that it is the responsibility of the pastor to figure his own estimated tax liability so that he can send in quarterly payments.
How does he figure this? Is there a tax table to go by? He would include his income from social security and retirement, all love gifts and housing allowances for rent and utilities paid by the church, is that correct? Then take that total and multiply by 15.3% and take that amount and divide it up quarterly.
Is that correct? Is there a worksheet or something that would help him figure it up easier?Know the answer? Face the same situation? Please post your answer or comment by using the "comment" link below. Thank you!