The New York State Division of the Budget provided financial support for the research and publication of this report so that we may fully understand how New York’s balance of payments compares to other states.

The comparison between what a state’s taxpayers send to the federal government and Washington’s return investment in that state is known as a balance of payments. It is no surprise that a higher-income state such as New York would contribute more than its share of federal tax revenue, but many indicators such as health care costs and poverty rates show that we also have programmatic needs.

Treasury, and how much comes back in the form of federal spending. As a national conversation on federal tax policy is underway, taxpayers deserve to know how much their state generates for the U.S. Retrieved December 14, 2023.Policymakers should have the best information available to understand the impact of a law before changes are entertained. The Laws of New York, New York State Legislature. New York State Full-Year Resident Income Tax Return (PDF).State of New York, New York State Department of Taxation and Finance. Married Filing Separately income tax brackets are just about one half that of the Married Filing Jointly income tax brackets in the state of New York.Īt $5,000,000 and above the income tax rate is the same regardless of filing status. Notice, however, the New York income tax brackets for Married Filing Jointly increase from $8,500 to $17,150 (approximately double) at 4%,Īnd increase from $1,077,550 to $2,155,350 (approximately double) at 6.85% the historical highest tax bracket. Tax rate of 9.65% on taxable income between $2,155,351 and $5,000,000.įor the Single, Married Filing Jointly, Married Filing Separately, and Head of Household filing statuses, the NY tax rates and the number of tax brackets remain the same.Tax rate of 6% on taxable income between $161,551 and $323,200.Tax rate of 4.5% on taxable income between $17,151 and $23,600.Tax rate of 4% on the first $17,150 of taxable income.Tax rate of 10.9% on taxable income over $25,000,000.įor married taxpayers living and working in the state of New York:.Tax rate of 6% on taxable income between $80,651 and $215,400.Tax rate of 5.5% on taxable income between $13,901 and $80,650.Tax rate of 4.5% on taxable income between $8,501 and $11,700.Tax rate of 4% on the first $8,500 of taxable income.We can also see the progressive nature of New York state income tax rates from the lowest NY tax rate bracket of 4% to the highest NY tax rate bracket of 10.9%.įor single taxpayers living and working in the state of New York: Looking at the tax rate and tax brackets shown in the tables above for New York, we can see that New York collects individual income taxes differently for Single versus Married filing statuses, for example. The New York income tax rate tables and tax brackets shown on this web page are for illustration purposes only. New York income tax forms are generally published at the end of each calendar year, which will include any last minute 2023 - 2024 legislative changes to the NY tax rate or tax brackets. Please reference the New York tax forms and instructions booklet published by the New York State Department of Taxation and Finance to determine if you owe state income tax or are due a state income tax refund. Source: 2023 Form NY IT-201 Instructions Booklet, 2023 New York Tax Rate Schedule, published by the New York State Department of Taxation and Finance.

New York Head of Household Tax Brackets Income Tax Bracket New York Married Filing Separately Tax Brackets Income Tax Bracket New York Married Filing Jointly Tax Brackets Income Tax Bracket New York Single Income Tax Brackets Income Tax Bracket

2021 nyc income tax brackets