New York Employers May Elect to Pay Payroll Tax

According to the NY Department of Taxation and Finance, New York employers are now able to access New York’s Business Online Service portal and elect to pay New York’s payroll tax in 2019.

Employers are to elect every year to pay this payroll tax for the coming calendar year between October 1 and December 1 of the current year. Once the election is made, it may not be revoked. The election portal closes after December 1.

For tax year 2019, the tax rate is 1.5% of employee compensation exceeding $40,000.  That rate increases to 3% in 2020, and to 5% in 2021.

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