Do NYL withholds NYC income tax of 3.876% from NYC residents for prizes over $5,000

Reply #7

Stat$talker — Thu, 16 Jul 2020 08:57:19 GMT

Caesar has been dead for a loong time..!, but I C your point..

I realize that we are living in the Biblical last days..in the 2nd Beast, which rose up out of the land, with 2 Lamb-like horns(Church State), but speaks like a dragon..!!

...But I still think, everyone should pay taxes equally as their Net earnings passes thru EACH tax bracket..!!..not 1 high flat rate on their ENTIRE Net earnings..

-Stat$talker

Reply #6

SaraAnnRapp — Thu, 16 Jul 2020 04:01:06 GMT

Render unto Caesar that which is Caesar's

Reply #5

Stat$talker — Wed, 15 Jul 2020 23:47:05 GMT

Another thing..!!

If equal treatment under the Law is true to the letter.. then everyone should pay the same rate of taxes FOR each tax bracket.!

Instead of 1 flat rate on ALL your Net earnings.. My 1st 15% tax bracket money is no different than someone who's Net earnings were at just the 15% tax bracket!

Even if I've earned $100,000...

Again, most folks don't think outside the box ..!!

-Stat$talker

Reply #4

NY10 — Wed, 15 Jul 2020 02:01:45 GMT

Probably when someone is farting or sleeping they are paying tax in New York City...

New York City s yearly budget is less than only these states

NY,CA and TX

Reply #3

grwurston — Wed, 15 Jul 2020 01:30:18 GMT

Are lottery prizes taxable?

Lottery winnings of $600.01 and over are subject to Federal Withholding tax. For winnings of $600.01, up to and including $5,000, you will be issued a W-2G form to report your winnings on your federal income tax form. For winnings of $5,000.01 and over, your state's Department of Revenue removes the 24 percent federal withholding before you receive your winnings check (or, if it is an annuity, from each winnings check). You then receive a W-2G form with each check... [ More ]

Reply #2

NY10 — Wed, 15 Jul 2020 01:05:18 GMT

Well you have to understand it s just a city tax...It s one of very few cities to have it s own income tax..So 3.876 % is huge...It s on top of whatever Fed bracket rate your in and the NY state 8.82 %...But for lottery winnings Fed 24%,State 8.82 % But I want to know do they take the city tax also on the spot...

about NYC,there s also sales tax and property tax too...On top of State sales tax...But city sales tax is limited to few things though like hotels,taxi ride etc..Also city takes hund... [ More ]

Reply #1

Stat$talker — Wed, 15 Jul 2020 00:47:19 GMT

Well, I would think that NYC's tax rate might be a little higher than tHAt..!!

not sure , but.. I remember driving to NYC awhile ago,.. drove thru the Lincoln Tunnel.. and Dhamn near hit the ceiling of my vehicle when I got to the toll booth attendant...she told me the fee was $13.

...I said ,, Lady..!!, I didn't spend the night in there, .I merely DROVE thru there..!! and it only took about 15 min..!!

Hell, where I'm from ?.. our highest toll charge is $.50 cents..!!

So., if it is... [ More ]

Do NYL withholds NYC income tax of 3.876% from NYC residents for prizes over $5,000

NY10 — Tue, 14 Jul 2020 23:26:46 GMT

I know Federal and State tax(8.82) are withheld on the spot

I want to know do they withhold the 3.876% NYC tax also for NYC residents from prizes of over $5,000 as I live in NYC