City of New York Resident Tax
For City of New York residents, you specify the employee's status and exemptions.
Deltek Modification Date - 1/4/06
Enter the following field information for residents of New York City on the Withholding grid on the Payroll tab of the Employees hub:
Field | Description |
---|---|
Status |
Enter the marital status claimed by the employee for federal income tax purposes on Form W-4:
|
Exemptions |
Enter the total number of withholding exemptions claimed by the employee on New York State Employee’s Withholding Certificate, Form IT-2104. If the employee did not submit Form IT-2104, use the total number of exemptions claimed by the employee for federal income tax purposes on Form W-4. This figure includes:
|
Other Exemptions | New York’s tax calculations do not use the Other Exemptions field. |
Automatically Calculated Variables
Vantagepoint automatically computes the following variables.
Standard Deduction
The Standard Deduction (annualized exclusion) is a table-based deduction applied to all employees. The amount of the deduction depends on the employee’s filing status as follows:
Status | Deduction |
---|---|
Single | $5,000 |
Married | $5,500 |
Allowance
The Allowance is based on the number of exemptions in the first Exemptions field. It is determined by multiplying the number of exemptions by $1,000.
How Vantagepoint Calculates Tax
To calculate an employee's New York City tax, Vantagepoint does the following:
- Multiplies the employee's gross pay per pay period by the number of pay periods in a year to determine annualized gross wages.
- Subtracts the employee's Standard Deduction, Allowance, and any 401(k) and 125/Cafeteria plan contributions from the employee's annualized gross wages to determine taxable income.
- Calculates the net income tax by applying Tax Calculation Method 1 to the taxable income.
- Divides the net income tax by the number of pay periods in a year to determine the amount to be withheld for the pay period.