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February 15. 1963 



Individual fanners who did not elect to file declaration of estimated 

 income tax on January 15 must file final income tax return (Form 1040) for 

 1962. The tax due must be paid in full with the return when filed. With 

 this return, Schedule F must be filed and SE must be completed so that you 

 receive proper social security credit for your self -employment income. 

 Employers who have a liability for social security taxes in excess of $100 

 at the end of January on wages paid in January for agricultural labor must 

 deposit such taxes with a federal depository. Use Form 450. (This will 

 occur if your payroll amounted to $1380 for agricultural labor in January.) 



February 28. 1963 



AH farm business must file annual information returns for pajnnents 

 made in 1962 of salaries , wages . fees , commissions and other compensation 

 for personal services totaling $600 or more to any individual to the extent 

 that these are not reported on Form W2. Also included are payments of rent , 

 interest , royalties , annuities , pensions and other fixed or determinable 

 income totaling $600 or more. Dividends of $10 or more should be shown on 

 such an information return. Use forms 1096 and 1099. 



Lawrence D. Rhoades 



Extension Specialist in 

 Farm Management 



