New York Partnership Withholding Requirements
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How to fill out New York General Partnership Package?
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FAQ
Limited liability companies (LLCs) or limited liability partnerships (LLPs) that are treated as partnerships for federal income tax purposes. Partnerships and New York S corporations must file Form IT-2658 to make estimated tax payments on behalf of partners or shareholders who are nonresident individuals.
Who must withhold personal income tax. If you are an employer as described in federal Publication 15, Circular E, Employer's Tax Guide, and you maintain an office or transact business within New York State, whether or not a paying agency is maintained within the state, you must withhold personal income tax.
The partnerships and New York S corporations must maintain copies of Form IT-2658-E for their records. Estimated tax payments are only required for partners and shareholders who are C corporations or nonresident individuals.
A partnership itself does not pay a New York State personal income tax, but the individual partners are taxed on their respective distributive shares of the partnership income, whether or not such shares are actually distributed to them.
State Income Tax: Depending on an employee's income, this tax ranges from 4 to 8.82 percent. A 9.62 percent withholding rate is applied to any additional commissions or bonuses. Unemployment Insurance (UI): UI rates in New York State range from 2.025 percent to 9.826 percent.