New york tax rate

The Empire State! New York has a complex tax system, with both state and local taxes applying to residents and non-residents alike. Here's a breakdown of the tax rates in New York:

State Income Tax Rate:

• New York has a progressive state income tax system, with rates ranging from 4% to 8.82%.
• The rates are as follows:
  • 4% on taxable income between $0 and $8,500
  • 4.5% on taxable income between $8,501 and $11,700
  • 5.25% on taxable income between $11,701 and $13,900
  • 5.9% on taxable income between $13,901 and $21,400
  • 6.33% on taxable income between $21,401 and $107,650
  • 6.85% on taxable income between $107,651 and $215,400
  • 8.82% on taxable income above $215,400

Local Income Tax Rate:

• New York City (NYC) has a separate income tax rate, which ranges from 2.907% to 3.648%.
• The rates are as follows:
  • 2.907% on taxable income between $0 and $12,000
  • 3.648% on taxable income above $12,000

Combined State and Local Income Tax Rate:

• The combined state and local income tax rate in New York City is 8.33% (4% state + 2.907% city).
• In the rest of the state, the combined rate is 6.33% to 8.82% (state rate + local rate).

Other Taxes:

• Sales Tax: 4% to 8.875% (varies by locality)
• Property Tax: varies by locality (average effective rate is around 1.5%)
• Estate Tax: 5% to 16% (varies by estate size and value)

Keep in mind that these rates are subject to change, and there may be additional taxes or surtaxes applicable to specific situations. It's always a good idea to consult with a tax professional or the New York State Department of Taxation and Finance for more information.