Is there any withholding requirement for a New York State foreign corporation employing New York State residents?
New York (NY) income tax rate had been over 6.8% for a very long period of time. As a result, it has exceeded the tax rate of the neighboring states for a long period of time as well. When a company employs residents of Connecticut (CT) to work in NY, they withhold the equivalent of the NY tax rate on employees. On the other side, they have to withhold the equivalent of the Connecticut tax rate plus the difference between the NY and CT tax rates to match the NY’s full withholding amount required.
Related Questions
- What is the withholding requirement if a payment is made to a foreign corporation? What about an individual who is incorporated in their home country?
- Is there any withholding requirement for a New York State foreign corporation employing Connecticut residents?
- Are foreign investments (e.g., shares in a foreign corporation) covered by the financial disclosure requirement?
