NYS and Yonkers tax increases on OT $$$

Bronxboy

Member
Joined
Apr 2, 2015
Messages
42
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.
 

EdMc

Active member
Joined
Feb 22, 2017
Messages
158
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.
That's a crazy amount to raise
 

soda-acid

Active member
Joined
Mar 29, 2012
Messages
160
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.
 

Bronxboy

Member
Joined
Apr 2, 2015
Messages
42
Just remember! Tennessee doesn't tax your income or pensions. You are Welcome!
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.
 

CFDMarshal

Well-known member
Joined
Feb 27, 2010
Messages
1,032
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.
I understand what it is about! and they tax your pension when you retire.
 
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