In general, if you have worked more than 40 hours in a pay week, and are not "exempt", you must be paid an overtime rate for all hours over 40. New York State Department of Labor Form AL 447 is a blank wage statement.Employers generally must withhold federal income tax from employees' wages. To figure out how much tax to withhold, use the employee's Form W-4. The FLSA permits an employer to take a tip credit toward its minimum wage and overtime obligation(s) for tipped employees per Section 3(m)(2)(A). Your W-2 is a record of your earnings and tax withheld for the year. You use information found on your W-2 to file your federal, state, and local tax returns. Employers with tipped employees have payroll tax withholding, payment, and reporting responsibilities for tips that are considered taxable compensation. Generally, you do not have to withhold or pay any taxes on payments to independent contractors. New York's convenience of the employer test requires New York employers to withhold New York income taxes from nonresident employees.