New York income tax calculator
New York income tax calculator: calculating your New York State income tax is essential for effective financial planning. New York employs a progressive tax system with rates ranging from 4% to 10.9%, depending on your taxable income and filing status.
Read also: How taxes work in New York.
New York income tax calculator
Disclaimer: The results provided are estimates based on tax rates effective as of January 2025, using data from the Tax Foundation. Tax rates may change, so we recommend checking the IRS website for the most current federal information and your state’s official site for local tax updates. Please note, our calculator does not account for both 401(k) and IRA deductions simultaneously due to current tax law restrictions. The exact amount of your IRA deductions may vary depending on your individual circumstances. For personalized guidance, consult a qualified tax professional.
Understanding New York’s Tax Brackets
For the 2024 tax year, New York’s tax brackets are structured as follows.
- Income up to $8,500: 4%.
- Income between $8,501 and $11,700: 4.5%.
- Income between $11,701 and $13,900: 5.25%.
- Income between $13,901 and $21,400: 5.9%.
- Income between $21,401 and $80,650: 6.09%.
- Income between $80,651 and $215,400: 6.41%.
- Income between $215,401 and $1,077,550: 6.85%.
- Income between $1,077,551 and $5,000,000: 9.65%.
- Income between $5,000,001 and $25,000,000: 10.3%.
- Income over $25,000,000: 10.9%.
Additional Considerations
Remember, your total tax liability may also be influenced by local taxes, such as those imposed by New York City or Yonkers, as well as available deductions and credits. Consulting with a tax professional or utilizing these online calculators can provide a more accurate assessment tailored to your specific situation.
Read also: Net Salary in New York — What’s Left After Taxes.
