Taxes on Housing Allowance
by Larry Green
My entire salary of $14,400 has been designated as housing allowance. Should the church be deducting SS and Medicare taxes out of my paycheck? Answer No. Qualifying ministers receive special tax treatment for the following three topics:
Now that does not mean you are exempt from self-employment tax (Social Security) just that the church is exempt from holding it out and matching it. You may want to consider purchasing this book by a very knowledgeable CPA, Dan Busby: Zondervan 2010 Church and Nonprofit Tax and Financial Guide.  He has a whole section devoted to the housing allowance and its regulations.Hope this helps,  Church Accounting Package www.freechurchaccounting.com |
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