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New Jersey W4 Working in NYC

New Jersey W4 Working in NYC

Old Apr 9th 2009, 2:58 pm
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Default New Jersey W4 Working in NYC

Hi

I've searched high and low and cannot find the answer to this one - apologies if I've missed something.

I'm about to start work for a NYC based company. They've asked me to fill out about 200 forms prior to appearing on Monday.

I understand that by living in NJ I'm liable for NJ state tax on all world wide income. I'm also liable for NY state tax on income earned in NY. I understand that my NY tax payment can be claimed on my NJ return so that the amount of NJ tax payable on my salary will be nil or close to it.

Will my NYC employer deduct NJ State taxes from my pay or only NY taxes ? They are asking me to fill in a NJ-W4 and my concern is that they will deduct both taxes (they have operations in NJ as well).

Do you use the NJ-W4 allowances section to reduce the tax they will deduct from my pay to the required amount for NJ purposes (as I will get a deduction for the taxes paid in NY on my nj return) ? If so should I just estimate the amount of NY taxes that I'll pay and claim that as a allowances (1 pt = $1000)

My wife doesn't work plus 2 dependents, no property deductions and I do have dividend and interest income from offshore as well.

My aim is to ensure that I don't underestimate the NJ taxes to be paid on both my salary and other income but I don't want to overpay either. I can't stand the NJ State holding on to more cash than is necessary and not paying interest (hence I'd like to avoid them owing me any money on a refund).

Thanks to any tax gods out there!

Goat.
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Old Apr 9th 2009, 7:53 pm
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Default Re: New Jersey W4 Working in NYC

If the legal entity you work for is based in NYC, they should deduct Federal, New York state and New York City taxes (yes, NYC charges you, too). You write that off against your NJ tax obligation when you do your taxes next year. Being a NJ resident working in NY you will end up paying slightley more than if you were working for a NJ legal entity.
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Old Apr 9th 2009, 8:54 pm
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Default Re: New Jersey W4 Working in NYC

Hi

Thanks for that - so they will not deduct any NJ tax. I just need to make sure I've got it all covered in any event for the extra income.

I thought that the NYC tax for non residents was stuck out as unconstitutional in around 2004. No tax without representation etc....

Anyway thanks for the advice - seems I shouldn't give them a NJ W4.

Goat.
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Old Apr 11th 2009, 11:40 pm
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Default Re: New Jersey W4 Working in NYC

Originally Posted by goatherder View Post
Hi

I've searched high and low and cannot find the answer to this one - apologies if I've missed something.

I'm about to start work for a NYC based company. They've asked me to fill out about 200 forms prior to appearing on Monday.

I understand that by living in NJ I'm liable for NJ state tax on all world wide income. I'm also liable for NY state tax on income earned in NY. I understand that my NY tax payment can be claimed on my NJ return so that the amount of NJ tax payable on my salary will be nil or close to it.

Will my NYC employer deduct NJ State taxes from my pay or only NY taxes ? They are asking me to fill in a NJ-W4 and my concern is that they will deduct both taxes (they have operations in NJ as well).

Do you use the NJ-W4 allowances section to reduce the tax they will deduct from my pay to the required amount for NJ purposes (as I will get a deduction for the taxes paid in NY on my nj return) ? If so should I just estimate the amount of NY taxes that I'll pay and claim that as a allowances (1 pt = $1000)

My wife doesn't work plus 2 dependents, no property deductions and I do have dividend and interest income from offshore as well.

My aim is to ensure that I don't underestimate the NJ taxes to be paid on both my salary and other income but I don't want to overpay either. I can't stand the NJ State holding on to more cash than is necessary and not paying interest (hence I'd like to avoid them owing me any money on a refund).

Thanks to any tax gods out there!

Goat.
I have lived here 9 years and still don't understand the tax system
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