Ep 59 ~ Understanding Federal Taxes for Ministers and Churches

The Church Finance & Minister Tax Podcast- Church finances, Minister Taxes, Minister payroll, IRS Compliance

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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