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Hi, Is Trading & Investing in stocks banned for software engineers in JP Morgan? What about Mutual Funds, are they restricted/monitored ? Can we trade in Futures & Options ? If not equity stocks, can we trade in commodity exchange? Or maybe Forex exchange? Or Cryptos? Just want to know the boundaries of trading & investment and work accordingly! What are your experiences?
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Update. It was a quick fix. HR just had my work location set to the HQ location. They fixed it and corrected my pay a couple days later lol.
Sweet! Whatever would we do without FB?!
Yea I was in a similar situation. If the company office is in CA and you are tied to that office, then you get taxed by CA. I’m not sure if it’s at a different rate than a CA resident, but you do have to pay CA tax/get it withheld
I believe this is why we need to communicate with the firm if we're not working where our assigned office is. And either the employer can make an adjustment on paycheck based on where you are located or at year end. But I may be off, so I suggest you post this in the Accounting bowl. You'll get better responses.
Not the best forum for tax questions. But I did the same by paying VA taxes instead of my residence state, MD. I just corrected that on my tax form since it's already withheld and I'm not gonna give more to uncle Sam
Call a tax person just to be safe (Shoot, even HR Block should be able to answer)
https://money.usnews.com/money/personal-finance/taxes/articles/how-remote-work-could-affect-your-income-tax
When you do business in another state, that’s always the state that gets your tax money, unless the states have a reciprocal agreement. Yours don’t. It’s as if you were working out of country in, like GB, you would pay VAT taxes, but not state taxes during that period of time. At tax time, you will have to file a return in both states if you earn in Texas as well.
Don’t worry, you won’t be taxed twice on the same money. It’s just a little more effort when filing.
The employer has to withhold according to the state they operate in. But OP pays taxes based on where they perform the work, not the location of the company. You can request the employer not to withhold but large companies won’t usually do that. So instead you have to file a CA 540NR and get your money back from the Franchise Tax Board. IRS doesn’t care.
I had the same thing between Texas and Maryland last year at the end of the year your firm should move the taxes from the state withholding bucket to the federal withholding bucket and you ultimately get the money back at the end of the year via a larger federal tax return, but you will need to make sure in your filing that you verify that you never lived or worked in California during that fiscal year.