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Chart of Pastors' Compensations

 

Source of Income

INCOME SUBJECT TO FEDERAL INCOME TAX AND INCLUDED ON BOX 1 OF W-2

INCOME SUBJECT TO SELF EMPLOYMENT SOCIAL SECURITY TAX AND REPORTED WITH PASTOR'S 1040 ON FORM SE

Cash base salary Yes Yes
Housing allowance when pastor owns home or rents No Yes
Fair rental value of parsonage No Yes
Utilities paid directly by church No Yes
Cash housing allowance for pastor living in parsonage No Yes
Accountable reimbursement plan for auto or other professional expenses No No
Non-accountable reimbursement plan for auto or professional expenses Yes No, to the extent deductible on 2106
Personal use of employer-provided auto Yes Yes
Church's contribution to retirement plan No No
Health insurance paid by church or medical expense reimbursement plan No No
Premium for group term life insurance over $50,000 Yes Yes
Reimbursement for qualified moving expenses if deducible under new IRS rules No No
Reimbursement for non-qualified moving expenses if deductible under new IRS rules Yes Yes
403(b) salary deferral contribution No No
Social security offset paid by church Yes Yes
Bonuses, love offerings, or gifts from the church Yes Yes
Implied interest on low or no interest loans over $9999.99 by church Yes Yes
Salary reduction for charitable contribution to the church Yes Yes

 

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Copyright 2006 Connie Buskohl, CPA PC
Last modified: January 19, 2006