Overview of New York Taxes
Welcome to the Empire State, where the tax landscape is as diverse as the city skyline! New York boasts a progressive income tax system that varies based on your income level and filing status, making it a unique experience for taxpayers.
In New York state, income tax rates range from a reasonable 4% to a whopping 10.9%. Your tax rate depends on how much you earn, ensuring a fair approach to taxation. If you’re residing in the dazzling and ever-vibrant New York City, the tax adventure doesn’t stop there. Brace yourself for an additional challenge, as the city levies its local income tax atop the state tax. The NYC income tax system is also progressive, with rates that sway between 3.078% to 3.876%.
You may use our New York Paystub Generator for automating these taxes as per your earnings.
Helpful Notes for Employees & Self-employed People
➼ Starting a job in the Empire State? Fill out Form W-4 for federal income tax withholding. The new W-4 has no allowances; instead, inputs annual amounts for income, deductions, and credits. It follows a five-step process for personal info, dependents, and extra income.
➼ Expect FICA taxes withheld too, at 6.2% (Social Security) and 1.45% (Medicare), with your employer matching.
➼ Are you self-employed? You pay both portions but can deduct the employer part. For wages above $200,000, a 0.9% Medicare surtax applies, not matched by employers. Stay informed and manage your finances wisely in the Empire State.
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New York Paycheck Calculator