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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
Content provided by Michelle R Brown, EA, Christian Business Mentor, Enrolled Agent, Michelle R Brown, EA, Christian Business Mentor, and Enrolled Agent. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Michelle R Brown, EA, Christian Business Mentor, Enrolled Agent, Michelle R Brown, EA, Christian Business Mentor, and Enrolled Agent or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://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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