NYS and Yonkers tax increases on OT $$$

B

Bronxboy

Joined
Apr 2, 2015
Messages
40
2.5 TAX CHANGES EFFECTIVE FOR PAYROLLS

The following tax changes will be in effect for payrolls dated on and after July 1, 2021.
Supplemental Withholding Rates

If you pay supplemental wages (bonuses, commissions, overtime pay, sales awards, etc.) the following changes will be in effect:
Supplemental State Withholding Tax........Increased from 9.62% (0.0962) to 13.78% (0.13780) + 4.16% for NYS residents not living in Yonkers
Supplemental Yonkers Resident Tax........Increased from 1.61135% to 2.30815% + .6968% + 4.16% for a 4.85% increase for Yonkers residents
State and Yonkers Withholdings
PMS Deduction Tax Reference table (760) has been updated to reflect the 2021 Annual Tax rate changes for Single and Married for the State and Yonkers Withholding Tables. Refer to the New York State Department of Tax and Finance Website for further details at https://www.tax.ny.gov/forms/withholding_cur_forms.htm.
 
Bronxboy said:
2.5 TAX CHANGES EFFECTIVE FOR PAYROLLS

The following tax changes will be in effect for payrolls dated on and after July 1, 2021.
Supplemental Withholding Rates

If you pay supplemental wages (bonuses, commissions, overtime pay, sales awards, etc.) the following changes will be in effect:
Supplemental State Withholding Tax........Increased from 9.62% (0.0962) to 13.78% (0.13780) + 4.16% for NYS residents not living in Yonkers
Supplemental Yonkers Resident Tax........Increased from 1.61135% to 2.30815% + .6968% + 4.16% for a 4.85% increase for Yonkers residents
State and Yonkers Withholdings
PMS Deduction Tax Reference table (760) has been updated to reflect the 2021 Annual Tax rate changes for Single and Married for the State and Yonkers Withholding Tables. Refer to the New York State Department of Tax and Finance Website for further details at https://www.tax.ny.gov/forms/withholding_cur_forms.htm.
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That's a crazy amount to raise
 
This is just the beginning, the State and the City are broke. They both received money from the Feds this year but that isn't going to keep happening. It might get ugly real soon.
 
CFDMarshal said:
Just remember! Tennessee doesn't tax your income or pensions. You are Welcome!
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Appreciate the information but the post is about people earning overtime while working in New Yorke State. The commute from Tennessee is a little too much. Retirement time is another story.
 
Bronxboy said:
Appreciate the information but the post is about people earning overtime while working in New Yorke State. The commute from Tennessee is a little too much. Retirement time is another story.
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I understand what it is about! and they tax your pension when you retire.
 
CFDMarshal said:
I was told they did, sorry for the mis-statement. I'm sure they are getting it in other ways.
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I’m sure Tennessee is getting their slice of the pie one way or another also. There are no free lunches anymore when it comes to taxes.
 
Bronxboy said:
I’m sure Tennessee is getting their slice of the pie one way or another also. There are no free lunches anymore when it comes to tax
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In this world nothing can be said to be certain, except death and taxes.- Ben Franklin
 
Taxes raised and Dumblasio is offering $100 for people to get Covid vaccine. Mmmm? Well, the money had to come from somewhere and that somewhere is you! I wonder how many of the fake, phony, fraudulent scammers will get shots using different i.d.'s?
 
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