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It is a term that means "How much of your income was actually earned in NY"? If you were a NY nonresident, all of your income can be reported to NY, because that is what the state requires of NY employers.
You might have nexus in a state if you sell goods to a customer in that state. Sales tax is a pass-through tax. Businesses in specific localities or states must collect sales tax from customers at the point of sale. In short, customers are responsible for paying sales tax to the business during a purchase.
New York Tax Nexus Generally, a business has nexus in New York when it has a physical presence there, such as a retail store, warehouse, inventory, or the regular presence of traveling salespeople or representatives.
The benefit of this election is that the pass-through entity can deduct the taxes paid to the state, thereby reducing the amount of income subject to federal income tax.
Nexus Triggers Having a physical location within the state. Having employees work within the state or regularly travel to the state to perform business functions. Holding property (including intangible property and inventory) in the state. Delivering tangible goods to that state's residents (even if by common carrier)

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An employee living in a different state would normally not create nexus for the employer, but as a remote worker, that employee attributes presence to the employer through their performance of their employment duties at home.
New York State For apportionment purposes, both C corporations and S corporations employ a single sales factor for calculating the state apportionment factor.
New York Tax Nexus Generally, a business has nexus in New York when it has a physical presence there, such as a retail store, warehouse, inventory, or the regular presence of traveling salespeople or representatives. However, out-of-state sellers can also establish nexus in the ways described below.
PTE elective tax calculation The elective tax is 9.3% of the entity's qualified net income, which is the sum of the pro rata or distributive share and guaranteed payments of each qualified taxpayers' income subject to California personal income tax.
The single-factor formula dispenses entirely with the payroll and property factors. Eighteen states use a single-factor formula for some or all types of companies.

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