Employers are required to withhold and pay personal income taxes on wages, salaries, bonuses, commissions, and other similar income paid to employees. Complete Form IT2658E and provide it to your partnership or New York S corporation as soon as you determine that you qualify.A new corporate tax applies to corporations and banks, other than federal S-corporations, that do business in New York City. The general corporation tax (GCT) only applies to subchapter S corporations and qualified subchapter S subsidiaries under the US Internal Revenue Code. You must give Form NJ-W4 to your employees to fill out and return to you. This form tells you how to withhold tax from your employee's pay. How do I cancel my NC Withholding Tax Identification Number? As an employer, you must record sums that are withheld from employee wages in a ledger account to clearly indicate the amount of state tax withheld. Complete Form W-4 so that your employer can withhold the correct federal income tax from your pay. Give Form W-4 to your employer.