According to the New York state income tax laws the income taxes along with the federal taxes are deducted from the monthly salaries of people as soon as they receive it. This is one of the basic laws of the New York state income tax structure. In New York the income taxes are different from the federal income tax rates.
The federal income taxes are fixed for respective income groups while the New York state income tax rates do not comply with the federal income tax rates. The income tax rates in New York are variable and the New York State Tax Legislation is responsible for formulating the income tax structure to be followed in New York.
The income of the taxpayer or, more specifically, the tax bracket into which the respective taxpayer could be included is responsible for determining the taxes in this state. Under normal circumstances the income tax taken from an individual is directly proportional to his income; the more they earn the more they pay as taxes.
Following are some of the income tax forms that are available in New York:
- IT-150 Resident Short Form
- IT-203 Nonresident Form
- IT-201 Resident Long Form
Following is the state income tax structure in New York as on the 31st of December 2004:
|Income Bracket||Tax Rate Levied|
|$0 – $8,000||4%|
|$8,001 – $11,000||4.5%|
|$11,001 – $13,000||5.25%|
|$13,001 – $20,000||5.9%|
|$20,001 – $100,000||6.85%|
|$100,001 – $500,000||7.375%|
|$500,001 and above||7.7%|
15th of April is the last date in each year for registering state income tax as well as federal income tax returns. However exceptions could be made if 15th of April is a day when the mail services are not in operation. Over the years in New York, the online filing of income tax has been gaining in popularity. The e-files are a convenient source of tax payment and are available in the official websites of the federal as well as the state governments.
Last Updated on : 5th July 2013