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The Church Finance & Minister Tax Podcast- Church finances, Minister Taxes, Minister payroll, IRS Compliance
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Ep 59 ~ Understanding Federal Taxes for Ministers and Churches
Manage episode 403637333 series 3453775
Contenuto fornito da Michelle R Brown, EA, Christian Business Mentor, Enrolled Agent, Michelle R Brown, EA, Christian Business Mentor, and Enrolled Agent. Tutti i contenuti dei podcast, inclusi episodi, grafica e descrizioni dei podcast, vengono caricati e forniti direttamente da Michelle R Brown, EA, Christian Business Mentor, Enrolled Agent, Michelle R Brown, EA, Christian Business Mentor, and Enrolled Agent o dal partner della piattaforma podcast. Se ritieni che qualcuno stia utilizzando la tua opera protetta da copyright senza la tua autorizzazione, puoi seguire la procedura descritta qui https://it.player.fm/legal.
Segment 1: Tax Realities
- Ministers Pay Taxes: Dispelling myths.
- Legal Truth: Courts reject tax exemption claims.
- Cautionary Note: Risks of tax evasion.
Segment 2: Ministerial Taxes 101
- Tax Status: Ministers are self-employed.
- Who's Qualified: Active licensed, ordained, or commissioned ministers.
- Tax Responsibilities: Pay taxes through withholding or estimated payments.
Segment 3: Compliance & Penalties
- Filing Rules: Ministers must file if earning over $400.
- Accuracy Matters: Penalties for wrong tax reporting.
- Get Help: Advising professional tax assistance.
Segment 4: Church Payroll Taxes
- Get FEIN: Federal Employer Identification Number is essential.
- How to Get FEIN: Fill Form SS-4.
- EFTPS Registration: Needed for tax payments.
Segment 5: Payroll Tax Basics
- Federal Income Tax
- Medicare Tax
- Social Security Tax
- Unemployment Taxes for Churches.
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