Posted by MarkB_MI on February 01, 2011 at 03:30:00 from (166.217.176.58):
In Reply to: OT- Commodity wages? posted by kswillie on January 31, 2011 at 09:41:29:
It's NOT NECESSARILY illegal. As long as he issues you a W-2 that includes the value of the commodities, he isn't breaking any laws. "Commodity wages" aren't subject to FICA payroll taxes. But, assuming he's going to be legit and issue you a W-2, you need to consider what's in it for him, and what's in it for you.
He gets to avoid paying half your FICA (SS/Medicare) taxes.
You also avoid paying any FICA taxes. But the income is still taxable and still counts against your earned income for Social Security purposes.
Commodity wages are discussed in the IRS link below
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Today's Featured Article - Museum Coverage: The Stuttgart Agricultural Museum - by Cindy Ladage. While cold wind was blowing back in Illinois, in Arkansas, daffodils were in bloom, and the Magnolia trees were adorned with fragrant blossoms. Stuttgart, Arkansas was the site of this year's winter Minneapolis Moline Collector's show February 25-27, 1999. The show was held at the Oliver Museum created by Don Oliver, the pioneer of the four wheel drive tractor. Oliver along with Gale Stroh and Kenneth Bull using Minneapolis Moline tractors and parts created what has become known as
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