Understanding the income tax percentage in NY requires looking at multiple layers, because the total rate is rarely a single flat number. Residents face a combination of federal obligations and state-specific calculations, which can change based on income level and filing status. This guide breaks down the current brackets and what they mean for your take-home pay.
Current Federal Tax Brackets
The federal government uses a progressive tax system, meaning higher income levels are taxed at higher rates. For the current tax year, the brackets range from 10% to 37%. Your marginal rate is determined by your taxable income, and while your highest bracket might be 32%, not all of your income is taxed at that rate.
New York State Income Tax
On top of federal taxes, New York imposes its own income tax, which also follows a progressive structure. The rates range from 4% to approximately 10.9%, depending on your filing status and income. High-income earners, particularly those living in New York City, also face additional local taxes that push the combined percentage higher.
2024 Tax Brackets for Single Filers
6.00%
6.85%
7.05%
7.17%
7.25%
7.50%
7.75%
7.90%
8.00%
8.25%
8.50%
8.82%
9.00%
9.25%
9.65%
9.75%
9.90%
10.30%
