Plan
Cost
Cost is based on annual compensation. Compensation is
considered to include salary for lay employees and base salary plus
housing allowance for ministers. If you live in a manse, 40% of your
base salary is considered housing allowance. (Insurance, retirement,
car allowance, etc. are usually not included.) Non-Social Security
participants are charged a higher rate than those who participate in
Social Security.
| |
Premium
Percentage X Annual Compensation
as of
January 1, 2007 |
|
Number of Employees in Org. / In or Out of SS |
|
1 to 99
(opted-out of Social Security) |
0.76% |
|
1 to 99
(participating in Social Security) |
0.54% |
|
100 to 299
(out of SS) |
0.72% |
|
100 to 299 (in
SS) |
0.50% |
|
300 or more
(out of SS) |
0.63% |
|
300 or more
(in SS) |
0.41% |
For Example:
Salary + Housing equals $50,000 for a pastor
participating in Social Security is employed by a smaller church.
The Premium percentage is 0.54%.
0.0054 X 50,000 = $370 per year OR $30.83
per month.
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