|Date: June 30, 2003||Bulletin No. 400|
|Subject||Changes to New York State, City of New York, and City of Yonkers Resident Income Tax Withholding Rates|
|Purpose||To advise agencies of the income tax withholding rate increase effective July 1, 2003 announced by the NYS Department of Taxation and Finance.|
Administration checks dated July 2,
Institution checks dated July 10, 2003
The New York State Payroll System
calculates taxes based on the annual table. The withholding rate changes can be
found in the publication NYS-50-ADD (6/03). To obtain a copy of this publication
visit the NYS Department of Taxation website at http://www.tax.ny.gov/
and select Forms and Publications/Forms & Instructions>Current Year
Forms & Instructions/Withholding Tax>NYS-50-ADD.
Attached to this bulletin are the sections of the old and new tax tables, and examples of how these rate changes will impact the amount of taxes withheld from the paycheck on an annual basis.
Employees who are subject to the City of Yonkers Resident Tax will notice a slight increase in this tax since it is equal to 5% of the calculated amount of the New York State tax.
The City of Yonkers nonresident earnings tax rate has not changed.
|Questions||Questions regarding this bulletin may be directed to the Payroll Deductions mailbox.|