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Likewise wondering on how the tax return will work?
This summer is quite unique since you’re 100% WFH and you may not be in New York. Most likely your firm has you as an NY employee so you will be taxed in NY. Your taxes will be withheld from your paycheck and when you file year end taxes you’ll file NY taxes and most likely get a fairly decent tax refund. Your tax rate will depend on if you’re hourly or prorated but will probably be 30-35%.
I've heard in normal years, it's common to get back most of the taxes you paid (~5k), assuming this will be the same or even more this year with WFH?
Assuming you are prorated salary - it should be the same this year as in years past.
If we are prorated, doesnt it take a higher rate as it thinks are paychecks are annualized, when they are only 1/5 of the year, meaning a higher refund? Also, how does this work in terms of a NY filing if we are out of state? Thx
Yeah, pretty much. Assuming you’re in a NYC office you’ll probably make no more than $15K gross for the summer. If that’s all your income for 2020 then you’ll be taxed at $15,000 a year - much lower than the amount withheld.
being taxed in my WFH state. taking home 80% of paycheck (no state income tax). no NY or NYC taxes
It depends on which state you’re residing in while WFH. There’s no catch-all answer.
your firm should be reaching out to you and saying I’m pretty sure- my company did and basically spoon fed the SA’s what to do
Your firm should be taxing you based on what you put down as your WFH address/permanent address. At least that’s what BofA did.
If you’re making less than 12k over the summer, is it in your best interests to tell the company not to withhold any taxes? Since the minimum taxable income is ~12k, wouldn’t that be doable since you would get everything back in tax refunds anyways?
What is the typical take home pay for 10 weeks 85k prorated in CA? and with $2000 relocation bonus
Anyone know why ny witholds even tho address isnt in ny? Do we get any of that back
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