![]() ![]() New York Corporations must calculate all three and pay the highest one. The state of New York does have a business income tax (commonly referred to as a Franchise Tax), however it its calculation is not straight forward. There are three (3) tax bases in New York – Business Income tax, Business Capital Tax, and Fixed Dollar Minimum Tax. State Business Taxes in New York – Corporations Yonkers is the only jurisdiction that assess a non-resident tax, which is 0.50%. Yonkers – 16.75% of whatever your State Income Tax is.Port Authority Employees of the NY-NJ Waterfront – 1.70%.Metro Transport Authority – 0.11% to 0.34%.New York City (this includes all 5 boroughs) – 3.08% to 3.88%.The four (4) jurisdiction that have additional local tax are: The average local income tax rate is 1.49% of your adjusted gross income. Local income tax – depending on the jurisdiction you live or work in, you may be subject to an additional Local Income tax. New York is one of only two (2) states that have a “tax benefit recapture”. This is where the top tax rate of 10.90% is applied to all your income if it exceeds the top tax bracket (the other state is Connecticut). The highest bracket of 10.90% starts for income greater than $25 million. The state of New York does have an individual income tax. Like most states with income tax, it is calculated on a marginal scale, with eight (8) tax brackets. State Taxes at a Glance – New York Type of Tax New York Tax on Social Security Benefits. ![]() State Business Taxes in New York – LLCs, LLPs, etc.State Business Taxes in New York – Corporations. ![]()
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