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A Guide to New York State Taxes
from:New York State Income Taxes range from 4 to 6.85 percent based on the following categories:
1) Personal income tax
New York state taxes for personal income use a progressive, five-bracket system.
For single taxpayers:
- 4% on the first $8,000 of taxable income
- 4.5% on taxable income between $8,001 and $11,000
- 5.25% on taxable income between $11,001 and $13,000
- 5.9% on taxable income between $13,001 and $20,000
- 6.85% on taxable income of $20,001 and above.
For married persons filing joint returns, the rates are the same but the income brackets are doubled. New York income tax forms are due on April 15, but if this date falls on a weekend or holiday, payment can be done the following working day. New York City has its own tax rates brackets. The state's earned income credit has increased to 30 percent of the federal credit. This credit helps taxpayers offset increases in living expenses and Social Security taxes. It also reduces taxes owed and in some cases, it can even allow a refund to filers who do not owe any tax.
2) Sales tax
On June 1, 2005, New York's additional 0.25 percent sales and use tax rate has expired and it lowered the New York state taxes rate on sales to 4 percent. Local rates vary and in some areas, the combined sales tax rate in can be more than 7 percent.
3) Personal and real property taxes
Real property in New York is taxed based on its value. Counties, cities, towns, villages, school districts and special districts raise money through the real property tax to pay for local services. The amount of a property's tax bill is determined by the property's taxable assessment and the tax rates of the taxing jurisdictions where the property is located. The law on New York State Taxes enables properties in most municipalities to be assessed at under the same value percentage. That percentage can be 5 percent, 10 percent, 50 percent or any other percentage not exceeding 100 percent.
4) Inheritance and estate taxes
New York has no inheritance tax. The state has decided to discontinue its estate tax link to the federal estate tax. This means that New York estate tax liability will be larger than the allowable federal credit for state death taxes.
Other facts on New York State Taxes:
The status of New York State Taxes can be checked using the New York State Department of Taxation and Finance's online refund tracker. New York taxpayers can learn about their rights in Publication 3.8.
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Free State Taxes News
Taxing times (Odessa American)
Texas Comptroller Susan Combs' office will offer a free seminar to assist local taxpayers with their state taxes from 6 to 8 p.m. Oct. 23 at the University of Texas of the Permian Basin Small Business Development Center, located at 1400 N. FM 1788.
Read more...August sales taxes see boost (The Brewton Standard)
Once again showing that cutting taxes boosts sales; Alabama's sales tax collections increase 7.28 percent in August, the month when for three days the state collected no sales tax on clothing, books, computers and school supplies of certain values.
Read more...Record state deficit looms, two Pa. lawmakers warn (Philly.com)
HARRISBURG - The deteriorating economy and rising costs for such big-ticket items as health care and prisons is leading the state government on a path to a massive deficit that will require a tax increase to erase, two senior state senators said yesterday.
Read more...Protests over Indian taxes pass each other by (WCAX-TV Vermont)
Associated Press - October 5, 2008 3:55 PM ET SENECA FALLS, N.Y. (AP) - Protests for and against imposing state sales taxes on Indian reservation stores passed each other by peacefully this...
Read more...Protests over state sales tax pass each other by (WSTM Central New York)
Sunday, October 05, 2008 at 5:54 p.m. SENECA FALLS (AP) -- Protests for and against imposing state sales taxes on Indian reservation stores passed each other by peacefully this weekend in central New York.
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