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Old 02-10-2012, 05:02 PM
 
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Hi,

I looked online but could not find it! How much income tax do you pay if you live in New York City?

And how much is state tax.

THanks!
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Old 02-11-2012, 03:37 AM
 
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its a sliding scale based on taxable income but you cant just go by the marginal rates.
its very deceiving because the amount of money allowed through each bracket on the way up varys state to state.

new jersey has a top tier very close to new yorks yet the taxes you pay are sooooooooooooooo much more in new york because of the structure of the brackets.


in simple terms , imagine one state is 2% from dollar 1 to 40k and 5% from 40k to 50k
another state is dollar 1 to 10k 2% 10k to 30k 3% 30k to 40k 4% 40k to 50k 5%. .. you can see the results will be very different even though the top bracket is the same.


http://www.tax.ny.gov/pdf/current_fo...e_schedule.pdf

http://www.tax.ny.gov/pdf/current_fo...e_schedule.pdf

Last edited by mathjak107; 02-11-2012 at 04:30 AM..
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Old 02-11-2012, 07:29 AM
 
Location: Manhattan
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NY State tax brackets:

New York Income Tax Rates and Tax Brackets, 2011-2012

NY City tax income tax:

Quote:
New York: Yonkers and New York City both have individual income taxes. New York City's income tax rates range from 2.907% to 3.648%.
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Old 02-11-2012, 10:01 AM
 
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Thanks for the info!

Do you know if the New York City tax applies if you live in Brooklyn, or is it only Manhattan?
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Old 02-11-2012, 10:10 AM
 
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It applies in all of NYC including bklyn
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Old 02-11-2012, 10:17 AM
 
Location: Brooklyn, NY born & raised!
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If you're wondering about payroll, account for 28-30% of taxes taken out if you live within the 5 boroughs. It's different if you live in New Jersey, Westchester or Long Island.
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Old 02-11-2012, 12:44 PM
 
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Quote:
Originally Posted by missjanna74 View Post
If you're wondering about payroll, account for 28-30% of taxes taken out if you live within the 5 boroughs. It's different if you live in New Jersey, Westchester or Long Island.
What do you mean payroll?

It sounds like the tax is about 7% state and 3% city for a total of 10%

So if you make 100K you pay 10K in state and city tax - correct?
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Old 02-11-2012, 01:45 PM
 
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first its not based on what you earn,its based on what your taxable income is after deductions and exemptions..

but lets suppose your taxable income is 100k and your single. using 2011 numbers

the city is 1706.00 dollars plus 3.648% of the excess over 50k =3530.00
the state is 973.00 plus 6.85% of everything over 20k =6453.00
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Old 02-11-2012, 02:07 PM
 
Location: Brooklyn, NY born & raised!
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I was accounting for everything, federal, state, city, SSI, Medicaid, etc.

It wasn't clear whether you were trying to figure out taxes salary wise or relating to something else, like purchasing a home.
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Old 02-11-2012, 02:37 PM
 
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Quote:
Originally Posted by mathjak107 View Post
first its not based on what you earn,its based on what your taxable income is after deductions and exemptions..

but lets suppose your taxable income is 100k and your single. using 2011 numbers

the city is 1706.00 dollars plus 3.648% of the excess over 50k =3530.00
the state is 973.00 plus 6.85% of everything over 20k =6453.00
So it is comparable to how federal tax is calculated.

Thanks
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