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Hi fishes! I had asked for benefits other than CTC which Bank of America provides & now that I've completed 1 month here, here's the list of allowances you'll be getting irrespective of position/band:
1. Sodexo: 1300 p.m./ 15,600 p.a.
2. Transport allowance: 900 one way, 1800 two ways p.m./ 21,600 p.a.
3. Internet: 1500 max p.m. (other than that, one time installation charges)
4. Tuition fee: Any certification related to your field. Like CFA, FRM etc. 3,00,000 p.a.
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Adjustments to year-end comp thoughts?
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Yes this is accurate. You still have to pay NY income taxes
Agree
I moved from nyc to GA last year and found this out thinking I’d be making nyc money paying GA taxes. NY is one of like four states with a “rule of convenience” that benefits employers. So you will pay NY state/city taxes and not TX taxes on your income. And then federal obviously. But it should be worth it bc the cost of living in GA for me saves me a lot of money so I do come out better for it. And the nyc agency on your resume is a benefit too.
C1, the “rule of convenience” benefits the state, not the employers.
Chief
Welcome to working for a company in a Blue state with an undisciplined fiscal policy.
There’s a reason almost half a million people have left nyc
You’re only talking about the city. New York is much bigger than NYC.
Ask if they can set up a “texas office” in finance
Then he won’t get the 10k “increase”
I researched this because I’m bored and curious. OP, did you employer do this automatically? I work for a global holding company so I would think they would be aware of these rules with so many remote employees across all their companies. I also just asked my colleague who has also been 100% remote in a far-away state for 6 years and she’s never paid it either.
This is true UNLESS your agency/group has an office in the state you reside. They can route your wages through that office.
Or they could route your wages thought an office in a state without these laws.
Never heard of that. I’ve been working on a different state 100% remote for a NYC company for almost 5 years and I’ve never heard of this.
Yes you pay taxes in both states but you don’t really pay twice bc you can offset one from the other...
The issue with the new WFH life is all these rules were in place before but no one cared. Now that more places are going 100% remote, they’re turning less of a blind eye to those employees who might have already been remote but in a different state/city. It sucks but really nothing you can do since it’s technically the law as dumb as it is 🤷🏿♀️
Does the agency have a different office you could claim instead??
Chief
Take our jobs, we’ll take your money.
You get a New York salary and get to live in Texas? Seems you come out ahead with a far lower cost of living in your state. New York employs you. You pay your fair share of taxes to New York. Support the state that is providing you with a job.. Don’t like that? Don’t take the job!
Sounds right. Your wages are taxed on two levels, first where your employer is based and second where you are based.
Sooo yeah of course you do? You’re employed by a New York company, making a New York salary, while living in state with a much lower cost of living. You don’t live there so you don’t support the community in any other way than your taxes. You’re still getting an excellent deal.
Actually most remote employees don’t make a NY salary. Their salary is lower due to location.
Don’t change jobs for less than $20k, unless your current role is toxic and you need an exit plan. If you make over $100k, never change jobs for less than 20%.
Ask for more money and ask to invoice
Wait. What? What logic exists where someone asks for more money when their cost of living is lower? The person still comes out ahead to live in Texas.
Could it be because they know you won’t pay any state taxes? I work for a company in NY and pay taxes to my homes state.
As someone mentioned it’s based on where the company is registered.
Well that makes total sense. You’re making a living out of a NY-based company + you’re not spending any money in NY so if they don’t collect taxes how is the state making money?
I work for a company in LA and live in TN and I'm feeling very lucky California doesn't have that rule. That is horrendously stupid.
I had the same thing happen - also live in a state w/o income tax - and was expecting to be paying NY taxes but they’re not being taken from my paycheck. I double checked with HR/payroll and I guess it’s except because I was out in as a fully remote employee? Still skeptical and hoping I don’t end up owing the government money next year.
This makes me feel better!