Determining equivalence classes of $\{w \in \{0,1\}^*\mid$ the $k$-bit of $w$ from the right is 1$\}$ I want to formally write the equivalence classes of the following language:
$$L_k = \{w \in \{0,1\}^*\mid\text{ the } k\text{-th bit of }w\text{ from the right is } 1\}$$

I understand the definition of equivalence classes, yet struggle to come up with a clear intuitive answer.

The language is regular, therefore i'd expect finite equivalence classes.

It seems like the essence of the information I am looking for is only "what is the $k$-th bit from the right", which means i want to focus my attention on suffixes in the form of $\sigma y \in \{0,1\}^*$ where $|y|=k-1$, $\sigma\in \Sigma$.

I would highly appreciate some guidance that would build my intuition for finding equivalence classes in general, and in this specific case.
http://users.utu.fi/jkari/automata/fullnotes.pdf explains equivalence classes well (under section 2.8 "Myhill-Nerode theorem") whence the following notation and definition is borrowed.

Define $\text{Ext}(w,L) =\{x\mid wx\in L\}$ where $w$ is in $\Sigma^*$ and $L$ is the language, ie. the set contains of all suffixes that, when added to $w$, yields a word in $L$.

Two words $a$ and $b$ are in the same equivalence class if $\text{Ext}(a,L)=\text{Ext}(b,L)$.

For the language $L_k$ described, only the last $k$ letters of $w$ matter when figuring out $\text{Ext}(w,L_k)$ for any word $w$ because the other letters do not matter as they do not contribute to the condition "the $k$-th bit of $w$ from the right is $1$". Since there are only finitely many combinations for the last $k$ letters, specifically $2^k$, there are a finite number of equivalence classes in $L_k$.

As per your edit about suffixes of length less than $k$, sure, $\text{Ext}$ can contain such suffixes, but they do not matter in showing that there exist finitely many equivalence classes.