AdamNe
Employee Tax Expert

Get your taxes done using TurboTax

@amandachan1989 

 

Yes, I would suggest putting away some percentage (4-5% will definitely help!) of the check to cover any NYC taxes that may apply. Your NYC taxes are calculated within your NY state return (on a separate form, but they come out as one balance due). 

 

You may consider also paying that amount as an estimated tax payment for the 4th quarter, due on January 18th to avoid any possible underpayment penalties. https://www.tax.ny.gov/pit/estimated_tax/estimated_tax_payment_due_dates.htm Any amount that you overpay will be returned in the form of a tax refund. 

 

 

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