sj3339sta
New Member
Joined: Jan 14, 2011 21:39:53 GMT -5
Posts: 19
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Post by sj3339sta on Dec 4, 2011 11:03:54 GMT -5
My husband is now considered self employed as a pastor. So, he does not need to pay income taxes, but he DOES need to pay social security on his salary and the value of the parsonage we live in.
Here is my first question, what is the name/number of the tax form we need to fill our quarterly to send in his social security taxes? We have been holding 15% in our savings when he gets paid. Is that enough or should we be saving more?
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mwcpa
Senior Member
Joined: Jan 7, 2011 6:35:43 GMT -5
Posts: 2,425
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Post by mwcpa on Dec 4, 2011 14:06:10 GMT -5
you have a bit of a misunderstanding of the law, income earned as a pastor is not always tax free and income earned by a pastor, may be exempt from SE tax..... get a copy of IRS publication 517... here's a link.... www.irs.gov/publications/p517/index.html |
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sj3339sta
New Member
Joined: Jan 14, 2011 21:39:53 GMT -5
Posts: 19
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Post by sj3339sta on Dec 4, 2011 14:11:00 GMT -5
Well, my FIL has been a lifetime pastor and that was the information he told us. I really REALLY don't want to shell out the bucks for a CPA but at this point it looks like that is what we are going to have to do. I just do not get IRS talk....at all.
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mwcpa
Senior Member
Joined: Jan 7, 2011 6:35:43 GMT -5
Posts: 2,425
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Post by mwcpa on Dec 4, 2011 18:12:38 GMT -5
you should read the publication that I provided a link to....
and there is no reason to fear the IRS, they like you are people too.....
and a dollar spent on getting proper advise today from a qualified tax advosor may put more than that in your pocket.....
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