You may have to file an annual New York State corporation tax return to pay a franchise tax under the New York State Tax Law. A new corporate tax applies to corporations and banks, other than federal S-corporations, that do business in New York City.Except as provided below, corporations are exempt from backup withholding for certain payments, including interest and dividends. 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. There is no fee for registering for Withholding Tax. In this guide, you'll find information on naming your corporation, getting a Registered Agent, the fees you'll need to pay, business taxes and much more.