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Old 09-30-2016, 10:31 AM
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NYS Withholding Tax

If there are any of you who know your NYS Taxes, maybe you can help. I will be starting a job October 1. I have to fill out Federal W4 and NYS IT-2104. How do I lower my NYS withholding taxes to reflect that my total gross income for 2016 will only be 25% of what my weekly salary implies that it will be? Fed is easier-there is an online withholding tax calculator that tells me to enter "20" allowances for this situation. NYS does not have such a calculator, only a worksheet, which does not take into consideration that I will not be earning a full year's salary. I want to enter "20" on the NYS form just like the Federal form, but there is a note at the bottom that any allowances over 14 will trigger the form to be sent to the state. I don't need that and I don't need my employer to do that. What do you think I should do? Thanks, Dave



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Old 09-30-2016, 03:08 PM
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If there are any of you who know your NYS Taxes, maybe you can help. I will be starting a job October 1. I have to fill out Federal W4 and NYS IT-2104. How do I lower my NYS withholding taxes to reflect that my total gross income for 2016 will only be 25% of what my weekly salary implies that it will be?=====>you neeed to meet yur employer for more info; Portions of your pay are withheld from each paycheck for federal / state income tax purposes based on your personal specific situation. For example if you re married; How many dependents do you have? Or etc This information is reported to your employer when you fill out an IRS W4 form /NYS IT-2104 and turn it into your ER?s hR dept .While ypur ER tries to do the best they can, the accuracy of tax withholding still rests with you. Each individual is different and it's your responsibility to review your income and other financial information, as well as what that information means when it comes tax time. You can adjust your tax withholdings based on that information to make sure enough is withheld each year, or to make sure your ER does not withhold too much and depriving you of money you may need to support your family or meet other financial obligations.
https://www.tax.ny.gov/bus/wt/wtidx.htm

Fed is easier-there is an online withholding tax calculator that tells me to enter "20" allowances for this situation. NYS does not have such a calculator, only a worksheet, which does not take into consideration that I will not be earning a full year's salary. I want to enter "20" on the NYS form just like the Federal form, but there is a note at the bottom that any allowances over 14 will trigger the form to be sent to the state. I don't need that and I don't need my employer to do that. What do you think I should do?======>>>>>>>>>>as said previously, it is not so simple to tell you how yu can reduce your NYS w/h taxes. You may get some professional help from an IRS enrolled agent / a CPA doing taxes in your local area for more accurate help.
Yu may visit the website here for more info ; https://www.tax.ny.gov/pdf/publicati...ys50_t_nys.pdf



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