Clergy Financial Resources has created an “Understanding Clergy W-2 Forms” This PDF helps identify what needs to go in each box of a Clergy W-2. Click on the link below to access the file. Understanding Clergy W-2’s Source: Clergy Financial Resources https://www.clergyfinancial.com Clergy Financial Resources is a national accounting and finance organization serving churches and…
In general, the fair rental value of the property is a question of facts and circumstances based on the local real estate market. If the pastor rents his or her home, the amount of the rent would be presumptive evidence of the fair rental value. Obtain the current fair rental value of your home from…
The housing allowance exclusion is available only for qualified “ministers of the gospel.” The term “minister of the gospel” includes ministers, priests, and rabbis, i.e., those who have been ordained, commissioned or licensed by a church and who perform certain duties or services. These duties or services generally include the performance of sacerdotal functions, the…
Social security benefits are financed through two tax systems. Employers and employees each pay the “FICA” tax, which for 2007 amounts to 7.65% of an employee’s taxable wages (a total tax of 15.3%). Self-employed persons pay the “self-employment tax,” which for 2007 is 15.3% of net self-employment earnings. Clergy are always considered to be self-employed…
In today’s economy, setting up a church budget can be a challenging task. The 2010-2011 Compensation Handbook will help make sure your church staff will be fairly compensated.
