I recently started joined Bloomberg and working remotely in Bloomberg office in Lexington avenue in NYC. My current location is in midwest and I do not plan to move to NY this year. But Iam being taxed for my current state and also NY state. Is this the norm ? #personalfinance #taxes
Yes this is normal. I believe NY state has stricter tax rules and will tax you as long as the office paying you is located in NY. I’m currently in another state, but getting taxed by NY state. You shouldn’t be getting taxed by NYC though.
Would it be cheaper tax wise, to work in NYC and live in Jersey, etc or cheaper living in NYC? Wondering if there are benefits to this since looking for roles in NYC.
Yes, but only slightly cheaper. You wouldn’t have to pay the NY city tax, which ranges from 3-3.8%. However, you still pay NY tax for working in NYC. To be fair, if you make like 500k/yr, that 3.8% can be significant.
So are you being double taxed? I read somewhere you should be able to get a credit for your home state taxes
Yes. IAM being double taxed. Paying taxes for both states. Hope I get a refund.
You’ll get credit for the home state. Most likely you won’t have to pay any income taxes to your current state.
Are NYC city taxes also being withheld or only the NY and home state taxes?
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Yes this is normal. You will always have to pay the taxes of the state of your office.