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Where is my income taxable if the company is in ny but I work partly in NJ?
Wiki User
∙ 15y ago
The general rule is that you income is taxable in BOTH the state where you work and the state where you live. Some states have reciprocal agreements, but NY and NJ do not.
But NY has its dreaded telecommuter tax.
If your employer requires you to work in NJ, the income you earned in NJ would not be taxable in NY (unless you live in NY). If your employer gave you the option of where to work, for example if they let you telecommute from your home in NJ, NY still considers the income to be taxable by NY. NJ would consider any income earned while working in NJ to be taxable in NJ and all income earned by a NJ resident, no matter where, to be taxable in NJ.
Yes, it is possible for the same income to be taxable in two different states.
If you live in NY or NJ, the state where you live will give you some credit for the taxes paid to another state to offset some of the double taxation. But if you live in a third state, you could be really screwed if you have income taxable by both NY and NJ, since your state would not let the credit they give you exceed the amount charged by that state.
Wiki User
∙ 15y ago
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What is taxable income?
Taxable income is the portion of income that is the subject of taxation according to the laws that determine what is income and the taxation rate for that income. Generally, taxable income refers to an individual's (or corporation's) gross income, adjusted for various deductions allowable by statute. The main questions put by most individuals in any jurisdiction are "what makes up my taxable income" and what tax rates should be applied such that I can work out my tax liability to the state. For example, suppose within a year, one person earned $100,000 from work, made $50,000 profit from selling stock, and won the lottery for $1,000,000. This person has, prima facie, an income of $1,150,000. However, some of this income may be taxed at a lower rate or perhaps not taxable at all. In most western countries, 100% of regular salary (above a certain threshold) is taxable and a portion of Capital Gain (ie profit from selling stock or real estate) is taxable.
How long do you have to work to file income tax?
Any income is taxable, regardless of how long or how much you worked - you are txed from the minute you start getting paid for it.
How much taxable income do you have to make to get the earned incomecredit return?
When you qualify for the earned income tax credit and you have the qualified taxable earned income of 1 to 50 you can get 2 of earned income tax credit. And it also possible that could qualify for some of the making work pay tax credit. This would only happen when your income tax return is completely correctly.
Do you need to file taxes if you did not work but received money from school?
IF the amount of the money that you received from the school is taxable income YES you should file a 1040 federal income tax return.
If you work after retirement do you pay taxes on that?
Yes. As long as you are still living and have enough gross worldwide income you will be required to file income tax returns and pay any income taxes that may be due. Even some of retirement income could also be taxable income on your income tax return.
Is money received for work done for a family member taxable income or can it be treated as a gift?
Its income
What is taxable income?
Taxable income is the portion of income that is the subject of taxation according to the laws that determine what is income and the taxation rate for that income. Generally, taxable income refers to an individual's (or corporation's) gross income, adjusted for various deductions allowable by statute. The main questions put by most individuals in any jurisdiction are "what makes up my taxable income" and what tax rates should be applied such that I can work out my tax liability to the state. For example, suppose within a year, one person earned $100,000 from work, made $50,000 profit from selling stock, and won the lottery for $1,000,000. This person has, prima facie, an income of $1,150,000. However, some of this income may be taxed at a lower rate or perhaps not taxable at all. In most western countries, 100% of regular salary (above a certain threshold) is taxable and a portion of Capital Gain (ie profit from selling stock or real estate) is taxable.
What are some examples of taxable income?
There are several different types of taxable income. Some of these income types include wages from work, money earned for doing jobs for other people that equal over 600 dollars per year, and cashing in stocks and bonds.
Is work comp health insurance pre tax?
Workers compensation benefits are typically not taxable income.
How long do you have to work to file income tax?
Any income is taxable, regardless of how long or how much you worked - you are txed from the minute you start getting paid for it.
Is pay from a non insured employer while injured taxable?
You mean they are paying you while you can't work. Yes that is taxable...just like the income it is replacing would have been.
If you work in multiple states and pay taxes in multiple states should the sum of your individual state taxable incomes agree with the amount of your federal taxable income?
AnswerI believe so.AnswerNo - even if you work in only one state your State taxable (or gross) income will virtually never equal your Federal taxable (or gross)income. For many reasons. Like State tax is deductible from Federal, but not from itself! Some contributions or types of income too, (like retirement plans, some types of SUI, FICA, etc.), are deductible for one of the taxes, not the other. Etc.In the multi state sceanario you mention - also consider - if you had income in 3 States...one of which doesn't even have an income tax. Hence, no State Taxable income. The remaining two incomes better not equal your Federal.
Why would a work place charge a gift tax on something won at work?
There is no such thing as a "gift" at work. Anything you receive is considered "income" and therefore taxable.
How much taxable income do you have to make to get the earned incomecredit return?
When you qualify for the earned income tax credit and you have the qualified taxable earned income of 1 to 50 you can get 2 of earned income tax credit. And it also possible that could qualify for some of the making work pay tax credit. This would only happen when your income tax return is completely correctly.
Student Tip: Understand Work-Study Arrangements?
When filing taxes, students should be aware that income derived from a work-study arrangement may still be taxable. A lot of students make the mistaken assumption that this income is not taxable since it is often used to pay for tuition expenses. If a student has a question on how this income is taxed, then he or she should consult with the director of a work-study program. These directors are knowledgeable about the ways in which this income is taxed. A director can be your best source of information for filing taxes that involve work-study income. You should also find this information out before taking a work-study job.
Do you need to file taxes if you did not work but received money from school?
IF the amount of the money that you received from the school is taxable income YES you should file a 1040 federal income tax return.
Are end of the year bonuses from work taxable income and if so should the bonus be added to your regular pays gross income and then taxed or should the bonus be a separate check taxed individually?
Yes, they are taxable income to the recipient. Whether the bonus is paid with regular income or as a separate check is immaterial. Bonuses are considered regular income by the IRS and taxed same as regular income is. The bonus is included in box 1 of the W2 as gross wages.
