Laura Saunders
speaker
5,937 appearances
109 recordings
1 series
first heard Jul 2017
last heard Nov 2024
Laura Saunders’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · Adulting 101: Understanding Your First Professional Paycheck · 26 Jun 2024
podcast
Other states have really high income taxes.
New York has high income taxes.
Hawaii, California has very high income taxes.
New Jersey, Massachusetts, Connecticut, those are high tax states.
Well, the W-4 form is what you give your employer who knows how to do the math.
And so they're trying to approximate how much tax you're going to have to pay at the end of the year and divide that up per paycheck.
And so they know your pay, but they'll ask you other things like, do you have outside income that we need to know about?
Will you have very large deductions greater than the standard deduction?
We need to know about that, too.
This is to get it somewhat accurate so they can take out the right amount each paycheck.
Well, that can be very complicated.
Some states have essentially treaties with other states.
And so you just get taxed at your home state's rate, even though you work in another state.
But in places like New York, you may wind up paying taxes to two states and you may have to net them out.
When this is the case, many people turn to using accountants to help them with this, especially if somebody is self-employed or something like that.
If you plan to work remotely in another state, I would be sure to talk to the company before you take the job about what it's going to be because they'll have to make decisions about where that income goes or will state taxes be withheld on it and things like that.
If a company is based in New York and you work in Maine, you will probably find yourself paying New York City and state taxes.
So it's just really, really important to find out before.
Exactly.
Well, it matters because if you're an employee, you need to pay the federal government 90% of what you owe for the year by the end of the year.
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