is an amount paid to officers that should be reported, on IRS Form 1099MISC, miscellaneous income, to the IRS However, the IRS has lately been closely examining such payments and has been disqualifying many of them The issue is that taxes, including Social Security and Medicare taxes, are not being withheld from those amounts The individual who received this amount could be assessed self-employment taxes of 15 9%, a costly experience The rule that should be followed to avoid such penalties is that if these payments are meant to reimburse the officers for expenses then, receipts are required to be presented to substantiate these expenses If these payments are meant for the reimbursement of officers for time spent working for the union, payments for time or effort are considered salary and should be treated as wages appropriately Executive board allowances are considered director's fees and only taxable to the recipient as miscellaneous income
is an amount paid to officers that should be reported, on IRS Form 1099-MISC, miscellaneous income, to the IRS However, the IRS has lately been closely examining such payments and has been disqualifying many of them The issue is that taxes, including Social Security and Medicare taxes, are not being withheld from those amounts The individual who received this amount could be assessed self-employment taxes of 15 9%, a costly experience The rule that should be followed to avoid such penalties is that if these payments are meant to reimburse the officers for expenses then, receipts are required to be presented to substantiate these expenses If these payments are meant for the reimbursement of officers for time spent working for the union, payments for time or effort are considered salary and should be treated as wages appropriately Executive board allowances are considered director's fees and only taxable to the recipient as miscellaneous income
periodic payment, similar to an allowance, made to an individual; normally intended for living expenses associated with participation in some phase of a funded project such as a fellowship or training grant; usually related to academic studies
A stipend is a sum of money that is paid to a student for their living expenses. an amount of money paid regularly to someone, especially a priest, as a salary or as money to live on (stipendium, from stips + pendere )
A payment made to an individual under a fellowship or training grant in accordance with pre-established levels to provide for the individual's living expenses during the period of training
- Payment to a person, similar to a per diem, usually as part of a training or fellowship program A stipend is enough money for the individual to live on, but smaller than a salary
A payment made to an individual under a fellowship or training grant in accordance with preestablished levels to provide for the individual's living expenses during the period of training
the salary paid to a member of the clergy Non-stipendiary refers to a member of the clergy who is not paid a salary for the work done (often shortened to NSM = non-stipendiary minister(y))