New York State Employment Taxes

[JPSL]

What forms am I required to file and when am I required to file for New York State employment taxes?

[Tax Hero Niki]

Hi JPSL!

Are you trying to make a claim to receive unemployment? Are you a W-2 employee? Are you self-employed and need to make estimated tax payments to the IRS and state? Are you a business owner with employees? Can you clarify the question?

[JPSL]

I opened an S Corp LLC this year and will be paying myself via the LLC. What taxes will I be required to file for New York State? When will they need to be paid? Can I use a paper form or must they be filed and paid electronically?

[Tax Hero Niki]

Congrats on opening your LLC! Many S-corp owners outsource payroll to a payroll administrator that handles the quarterly and annual payroll tax filings. This is not handled in Turbo Tax software.

Yes, NYS and the IRS will need to be paid, and electronic filing is preferred.

[LorenL1 · Accepted solution]

As a self employed individual, NY State indicates that you may be required to make estimated tax payments if:

• you receive income such as interest, dividends, alimony, capital gains, gambling and lottery winnings, prizes and awards, or income from a pension;
• you expect to owe income tax of $300 or more to New York State, New York City, or Yonkers; or
• you expect to owe income tax of $1000 or more to the IRS.

NY State recommends that you use form IT-2105-I, Instructions for Form IT-2105, Estimated Tax Payment voucher for Individuals, to calculate your estimated tax payments. You can pay electronically, check your balances, and view your estimated tax account by creating an Online Services account on the NY Department of Taxation and Finance website https://www.tax.ny.gov/online/createaccount.htm#ind. 

You can also pay using Form IT-2105, Estimated Tax Payment Voucher for Individuals. This payment voucher is required if you mail your payment.  For federal taxes, you will need to use form 1040-ES to figure out your estimated tax payments and use the attached voucher to pay your estimated taxes.  You can also pay electronically or by mail.  

If you file taxes on a calendar year basis, you can either pay all your estimated tax with the first payment or pay it in four equal installments due on 

• 1st payment: April 18, 2023
• 2nd payment: June 15, 2023
• 3rd payment: September 15, 2023
• 4th payment: January 16, 2024

[Tax Hero Niki]

So Loren's post has some good information. I want to be clear though, that when you have an S-Corp, you must pay yourself a salary, which is reported on a W-2. There are also quarterly payroll filings, 940, 941, etc that will not be fulfilled if you are just sending in quarterly estimated tax payments as described in that post! I highly recommend consulting a payroll admin as there are a few moving parts, like FUTA and SUTA that are easily missed.