Summer Analyst Tax Info

Curious if people know how tax works for us as summer analysts, for those of us interning in NY (virtually or not) but living in another state? Do we have to pay any taxes to NY or do they withold etc? Also, what rates are approximately charged on typical sa income? Thx

 

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%.

 

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.

 

What is the typical take home pay for 10 weeks 85k prorated in CA? and with $2000 relocation bonus

 
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