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The Herald and The Lantern

Wednesday, September H. 1860

Cape Farmers Lose $20 Per Acre in N.J. Land Assessments

TRENTON - Farmland values as set the state Farmland Evaluation Advisory Committee, dropped slightly this year in IS of the states 21 counties in response to a decrease in net farm income Among those ^showing a decrease was Cape May County. The committee, chaired by state Secretary of Agriculture Phillip Alampi, annually publishes a range of farmland values for each county in the state Under the Farmland Assessment Act, tax assessors are directed to consider these values when assessing qualified farmland. FARMLAND VALUES for the I9BI tax year as outlined in the committee's

report, show a $20 per acre decrease in the value of farmland for agricultural use in IScounties. Those counties where farmland values decreased in (he committee's report are Burlington, Camden Cape May, Cumberland. Gloucester, Hunterdon. Mercer, Middlesex, Monmouth, Morris, Ocean. Salem. Somerset, Sussex and Warren. Values in the six other counties remain unchanged . THE VALUES are based on data prepared by Cook College, Rutgers University. According to Dr. A. Robert Koch, chairman of the Department of Agricultural Economics and Marketing, net farm income in I960 should be less than the near

record 1979 level, reflecting the volatility and instability characteristic of farm incomes. "On a national scale, net farm income is expected to dro)> 20 to 2S percent from last year's level,” Koch reported. "Somewhat less of a drop will occur in New Jersey." INFLATION HAS also continued to push production costs upward, particularly energy costs, further reducing net farm income, he added. Somewhat lower productive values of farmland In the state will reflect this, Koch said. Fora copy of the report, write New Jersey Dept, of Agriculture, P.O.B. 1888, Trenton, N.J. 08625.

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Remember to Report Gish Tips

by DelUm Brooks People who work for wages in social securitycovered employment generally have their social security taxes withheld by their employers. In many instances, however, a person may receive cash income in the form of tips. When this occurs, the employer depends on the worker to report this form of income. TIPS RECEIVED by waiters and waitresses often constitute the greater part of their income — even more than the salaries they are paid. Other people, including bell boys, barbers, and beauticians, also receive tips. This income, just like regular wages, counts for social security and brings the employees higher cash benefits in later years. The amount of monthly , cash benefits paid by social security to retired or disabled workers and their families and to the families of deceased workers is based on the employee’s earnings covered by social security. This means that by including cash tips with their wates, they assure themselves of higher payments in future years. ONLY CASH TIPS totaling at least $20 in a month of work for one employer count in earning social security protection. Other forms of tips, such as merchandise, do not count. Parsons receiving $20 or more in tips a month are required to report the Information to their employers within 10 days alter the end of the month in which the tips are received. However, an employer can require these reports more m of ten than once a month. THE REPORT can be made on Internal Revenue Service (IRS) form 4070 (Employee's Report of Tips), which is available at any IRS office, or on any other form that contains the same information. It must include all tips and must be submitted on time. A late or incomplete report may subject the employee to a penalty of oneJiaif the amount of the taxes on tips not reported properly to the employer. EMPLOYERS ARE required to deduct the employee's share of social security taxes on the Ups reported, either from

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regular wates owed the worker or from money turned over by the worker for that purpose. The employer is not permitted to deduct either income tax or social security taxes -from Ups being held for the worker. An employer who cannot collect all the social security taxes due on tips reported by an employee must give the employee a statement of the tax still owed. THIS PERMITS the employee to meet his or her obligations by paying the tax direcUy to the Internal Revenue Service. Any portion still due IRS must be paid at the end of the year when the Federal income tax return is filed. The amount of social security taxes to be paid is the same for tips as for regular earnings — 6.13 percent on wages up to $25,900 for I960. The employer reports both Ups and regular wages to the Social Security Administration, where they are credited to the worker's earnings record. • • A Q. I AM EMPLOYED as

a waitress in a restaurant where all tips are placed in a single container and then shared at the end of each day. What do I report for social security — the amount the customers leave me or the amount I actually get at the end of

each day?

A. If you share Ups with your fellow workers, only the amount you actually receive counts for social

security.

Q. I AM a college student and occasionally earn some pocket money by filling in as a waiter at local restaurants. I may earn as much as $50 in Ups while working at three different places during the month. How much of this counts for social security? A. Only tips that amount to $20 or more a month while you work for one employer count for social security. You should keep a record of the tips you receive so you will know when you are required to report them.

Belton Brooks manOges the Wildwood Social Security Of/Ice.

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