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Read Zondervan Minister's Tax and Financial Guide |
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| Please email benefits@reliant.org to request a complimentary copy of the current year's copy of this book. If the address on file with Reliant is not the best address, please include the best shipping address in the email. |
Consult a tax professional |
Details: We strongly encourage you to talk with a professional who is up-to-date on current practices in this field. Reliant is unable to offer tax advice for your specific situation. You are now eligible for taxable reimbursement of some tax preparation and advisory fees. See Professional Fees. There are tax options related to Parsonage (Minister's Housing Allowance) and Social Security Exemption that are available to ordained and commissioned ministers. These options are governed by the IRS and Social Security. You should know your reporting responsibility and the consequences of choosing these options. |
Understand your new employment status for your work related to your commissioned/ordained status. |
Details: The IRS classifies you in two categories. Related to Federal Income Tax, you are employed by Reliant who continues to withhold and pay FITA taxes on your behalf. At year end you receive W2's, and you file accordingly when you do your tax return. However, you are classified as "self-employed" for purposes of Social Security and Medicare. Reliant will stop withholding FICA taxes and paying the employer portion on your behalf. FICA tax includes portions for Social Security and Medicare, and the tax rate is 15.3%. Please keep in mind you are still obligated to pay Social Security taxes unless you receive an exemption from the government. If you do participate in the Social Security system, you will file SECA forms with your tax return. Resource: Chapter 6 in Zondervan Minister's Tax and Financial Guide |
Make a well-informed decision about Social Security
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