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A minister applies for a Housing Allowance using Form 4361
HOUSING ALLOWANCE :
If a minister applies for a Housing Allowance exemption from SS taxes using Form 4361, and is approved, what are the effects to his other income which is subject to SS taxes? What about when he reaches the age to collect on his SS. How is the other amounts that he has paid into the system effected, if at all? What are the long term results from applying for this exemption? Thank you! |
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Since the Social Security tax is a FLAT tax (currently at 4.2%), it will have NO effect on other income that IS subject to Social Sceuity tax.
Having your housing alloances exempted from Socil Security may have a small effect on the size of your benefit, but nothing major In my opinion. |
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