Welcome to Solomon!

Enter the Access Code below

Access code is invalid

Solomon Logo

Versions Compared

Key

  • This line was added.
  • This line was removed.
  • Formatting was changed.

"Option 1: Estimated Taxes

     The minister pays federal income taxes and social security taxes (SECA) directly to the IRS. form 1040-ES is filed by the minister on 4/15, 6/17, 9/16, and 1/15." 


Image result for form 1040 esImage Added


"Option 2: Voluntary Withholding

     The church withholds federal income tax and pays quarterly to the IRS. Additional federal income tax may be withheld to cover the minister's social security tax (SECA) liability. Forms 941 filed with the IRS quarterly by the church. The W-2 is provided to the minister and the IRS."


Image result for 941 formImage Added         Image result for w-2 formImage Added


(“Chapter 7 - Paying Taxes.” Zondervan 2019 Minister's Tax & Financial Guide for 2018 Tax Returns, by Daniel D. Busby et al., Zondervan, 2019, p. 114.)