Because of the excellent numbers, many of the owners of farm corporations paid high wages commodity wages in the fourth quarter of 2011. In many cases the wages reported in this quarter can easily exceed $20,000.
This becomes a problem. When cash and commodity wages reported for any quarter exceed $20,000, the corporation is subject to paying Nebraska Unemployment taxes (SUTA) (federal unemployment is based soley on cash wages so most farm corporations are not subject to federal unemployment).
If you paid over $20,000 of cash and commodity wages in any quarter don’t forget you are now required to register with the State Department of Labor and file state unemployment tax returns quarterly.
