The Adventist Review shares the following world news from Religion News Service as a service to readers. Opinions expressed in these reports do not necessarily reflect the opinions of the Review or the Seventh-day Adventist Church. -- Editors

Ministers Get Tax Reduction For 2011

BY ROY HAYHURST                                                                                                    ©2010 Baptist Press

Ministers will receive a small tax benefit from the recent compromise legislation signed by President Barack Obama on December 17. Their SECA Social Security tax rate will fall from 12.4 percent to 10.4 percent for 2011 only, according to analysts at GuideStone Financial Resources of the Southern Baptist Convention.

The additional Medicare tax rate of 2.9 percent remains in effect. Ministers for tax purposes will see their total SECA tax rate drop to 13.3 percent for 2011 only.

American workers in general also will receive a one-year 2 percent cut in their Social Security taxes under the Tax Relief Unemployment Reauthorization and Job Creation Act of 2010. The bill--a compromise between the White House and Republican congressional leaders -- keeps the "Bush tax cuts" in place through 2012.

Additionally, it extends some unemployment benefits and reduces the 6.2 percent OASDI (old age, survivors and disability insurance) tax rate to 4.2 percent for 2011 only.
To read the rest of the article, click here.

Copyright © 2018, Adventist Review. All rights reserved worldwide. Online Editor: Carlos Medley.
SiteMap. Powered by © 2002-2018. User Login / Customize.