Overview

Capital
Albany
Currency
United States Dollar (USD)
Date Format
mm/dd/yyyy

Taxes

Employer
6.20% - Social Security Tax
1.45% - Medicare Rate
Up To 5.02% - State Taxes
Employee

Minimum Wage

General

The New York State minimum wage is $10.40 per hour. In Long Island and Westchester, it is $11.00 per hour. In NYC for small employers (of 10 or less) it is $12.00 per hour, and for large employers (of 11 or more) it is $13.00 per hour.

VAT

General

State sales tax is 4.5% standard rate.

Mandatory Benefits

Pension Fund

Employer:The state contribution is 27.6% of the employee's wages
Employee:The employee contribution is 20.1% of monthly wages. Contribution limit is $18,000

Social Security

In the US, both the employer and employee contribute 6.20% for social security. 

Health Insurance

Both the employer and employee contribute 1.45% to Medicare. 

Termination

Termination Process

NY follow “employment at will”doctrine which means both the employee and employer are allowed to terminate the employment at any given time without a reason Therefore at the time of termination, the employer must pay all the necessary wages up to the day of termination

Advance Notice

Advance notice is 2 weeks.

Severance Pay

Depends on the agreement between the employer and employee.