Welcome to state taxes Guide
States With No Federal And State Taxes Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
You may also listen to this article by using the following controls.
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.
States With No Federal And State Taxes News
States Use Only Fraction of Tobacco Revenues to Fight Smoking, Study Finds
THURSDAY, May 24 (HealthDay News) -- Only a small percentage of the billions of dollars states take in from tobacco revenues goes to anti-smoking efforts, a new federal report finds.
Read more...Like an Anorexic, U.S. Sees Itself Fat With Taxes
U.S. conservatives have won the political debate on taxes, convincing Americans that they pay too much when the reality is government revenue as a percentage of output is at a historical low.
Read more...Heard in more states: See you in tax court!
(Reuters) - Georgia State Representative Allen Peake owns 20 restaurants and this year he took his frustrations with his tax bills to the state capitol, where he helped push through legislation creating a new state tax court. "I've had several sales tax audits done and disputed them, and never felt I had a fair shake," said Peake, echoing the views of other business owners. Before Peake's bill ...
Read more...Legislation may enable states to offer universal healthcare
To make universal coverage work at the state level, you'd need to channel federal healthcare funds into the system. A bill being drafted by Rep. Jim McDermott would allow that to happen. Universal coverage, Medicare for all, single payer — call it what you will. It's clear that conservative forces are determined to prevent such a system from ever being introduced at the national level. So it's ...
Read more...Report: State tobacco prevention funding lacking
States have spent only about 3 percent of the billions they've received in tobacco taxes and legal settlements over the last decade to fund tobacco prevention programs, making it harder to reduce the death and disease caused by tobacco use, according to a report released Thursday by the federal Centers for Disease Control and Prevention.
Read more...