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I AM A SINGLE PERSON S-CORP:I do business in NY and NJ but

I AM A SINGLE PERSON...
I AM A SINGLE PERSON S-CORP:
I do business in NY and NJ but less than 10% of my gross income comes from NJ. I collect about $20,000 from NJ sources.)
I believe I must file CBT 150 for estimated taxes. Are there any other quarterlies I should be thinking about? Is there an unemployment insurance I need to pay?
When I pay myself, must I withhold my share of state tax from NJ as well? Are there local taxes (Cliffton Park) I should be thinking about? Or, do I sort this out on my CBT-100 at the end of the year?
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Answered in 8 hours by:
6/20/2013
PDtax
PDtax, CPA, MBA
Category: Finance
Satisfied Customers: 4,711
Experience: Tax professional and business consultant for 35 years.
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PDtax :

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Hi again,

If I remember, you're a veterinarian. That's important for the tax treatment.

Your s corp has to pay out salary to you for professional services, and there will likely be profits left over. since you live in New Jersey, you will have some taxes to pay to NY, with resident credit to NJ.

Your W-2 from the s corp can be used to manage your income tax withholdings, so quarterly tax payments might not be needed. A complete review of your tax situation would confirm this.

NJ unemployment insurance is needed for your wages and those of your employees. https://www.state.nj.us/cgi-bin/treasury/revenue/dcr/reg/sos_dcrnew01_page1.cgi is a link to the NJ sign up to register and start paying.

Most states, and I did not confirm this, require even sole owners of a business to pay in unemployment premiums. Their argument has been that you will be eligible for benefits if you close the business or retire.

The local taxes are also withheld from your wage during the year, so local tax payment/filing is easier.

Thanks for asking at Just Answer. I'm PDtax.
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Customer reply replied 4 years ago

Yes, You remembered correctly!


I actually live in NY and file my NYS 45 -WEB which covers UI, city and state tax.


Is NJ 927 the equivalent for the portion of income I earn in NJ?

Customer reply replied 4 years ago

Sorry to keep the thread open so long. I work nights and I am working right now so I am back and forth from my computer. Thanks for your patience. No rush on the answers.

The NJ 927 is the New Jersey quarterly payroll tax report. Yes, it is the equivalent of the NY NYS-45 for its wage and unemployment tax reporting and remittance.

It is pretty rare to have to withhold both NY, NYC and NJ wages from your pay. I would only do that if you had both a fixed NJ location and a NY location. Most employers would just withhold and remit for the NY and NYC wages, and the employee would claim the NJ resident credit when the personal returns are filed.

It simplifies things on your end as owner. And, if you do have two locations, I might consider splitting your business into two corporations, so that each can manage their own state taxes independently (and there are some neat intercompany transfers you can use to manage taxes, too).

Thanks again from Just Answer. PDtax.
PDtax
PDtax, CPA, MBA
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Satisfied Customers: 4,711
Experience: Tax professional and business consultant for 35 years.
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