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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