YONKERS, N.Y. – The Yonkers resident income tax surcharge is increasing from 15 percent to 16.75 percent for the 2014 tax year.
The tax increase is affecting Yonkers individuals, estates and trusts.
The non-resident earnings tax rate for those who work in Yonkers and live elsewhere has not changed and remains at .5 percent on wages and net earnings for self-employment.
Any underpayment of tax for the 2014 tax year due to the increase will not be penalized.
Taxpayers should not need to adjust their Yonkers withholding for the 2014 tax year, as new withholding tables for the increase will take effect Aug. 1, 2014. The new tables will ensure the correct amount of tax for Yonkers residents will be withheld.
Taxpayers who have requested their employers withhold additional amounts of Yonkers tax using Form IT-2104 – Employee’s Withholding Allowance Certificate – may choose to increase the additional amount withheld to account for rate increase.