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#YONKERS PAPERLESS PAYROLL HOW TO#
#YONKERS PAPERLESS PAYROLL FULL#

Here are detailed instructions.īecause New York State considers income earned within its borders to be taxable, employees who work in the state (but are not residents) are subject to income tax withholding. Form NYS-45 : Quarterly Withholding Reconciliation, Wage Reporting, and Unemployment Insurance.Before you can fill out your NYS-1, you’ll need to register as a new employer. Form NYS-1 : Monthly Withholding Payment.Taxes should be paid to the state on an ongoing basis using the following forms:

#YONKERS PAPERLESS PAYROLL HOW TO#

You can find detailed instructions on how to apply these local New York payroll taxes through the NY Department of Taxation.

Yonkers surcharge ( as of January 1, 2023): People who work in Yonkers as well as Yonkers residents pay a tax of less than 1%, based on a number of factors.

New York City surcharge: A 4.25% (.0425) income tax is deducted from taxable wages.

Specifically, residents of New York City or Yonkers are subject to additional income taxes: In New York state, an employee’s tax burden can also vary based on location. There is also a supplemental withholding rate of 11.70% for bonuses and commissions. The state as a whole has a progressive income tax that ranges from 4.% to 10.9%, depending on an employee’s income level. They may also choose to make post-tax contributions to savings accounts, elective benefits (like life insurance), or other withholdings.Ĭalculating taxes in New York is a little trickier than in other states.

Subtract any post-tax deductions: Some employees may be responsible for court-ordered wage garnishments or child support.

Withholding information can be found through the IRS.

Deduct federal income taxes, which can range from 0% to 37%.

Note that employees are not responsible for paying FUTA taxes.

#YONKERS PAPERLESS PAYROLL FULL#

Note that you can claim a tax credit of up to 5.4% for paying your New York state unemployment taxes in full and on time each quarter, which means that when everything’s said and done, you’ll only have to pay 0.6% FUTA tax. Pay FUTA unemployment taxes: You as the employer are responsible for paying 6% of the first $7,000 of taxable income an employee earns annually.Only the employee is responsible for paying the Additional Medicare Tax. For employees who earn more than $200,000 in taxable wages, you need to withhold what’s called an Additional Medicare Tax of 0.9%. You will need to match this tax as well for a total of 2.9%. Medicare tax: Also withhold 1.45% of each employee’s taxable wages. As the employer, you must match this tax.b. Social Security tax: You need to withhold 6.2% of each employee’s taxable wages until they have earned $160,200 in a given calendar year. Deduct and match any FICA taxes to cover Medicare and Social Security taxes:a.Deduct any pre-tax withholdings. Do your employees have a 401(k), flexible spending account (FSA), or other pre-tax deductions? If so, subtract them from gross pay before you start applying federal payroll taxes.Salaried employees: Divide each employee’s annual salary by the number of pay periods you have each year. Make sure to calculate any overtime hours worked at the appropriate rate.b. Hourly employees: Multiply the number of hours worked in the most recent pay period by their pay rate.

Gross wages represent the amount of money an employee has earned during the most recent pay period.a. Figure out the employee’s gross wages.If you would like to see a more detailed calculation, check out our step-by-step guide here. Our New York payroll calculator can also help you figure out the federal payroll tax withholding for both your employees and your business.īelow is a summary of everything that goes into calculating the payroll tax for a New York employee. Let’s go over federal payroll taxes first. Of course, New York taxes are just part of the total tax equation.