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Section 01
What is the 14.75 tax in New York City?
It should be understood that the 14.75% rate is not a single, standalone "NYC tax". It is actually a shorthand reference to the combined top marginal income tax rate. This rate is applicable once the maximum New York State income tax is added to the maximum New York City resident income tax — on a single return. It impacts only the last dollars earned at very high income levels.
Section 02
Where does the 14.75% number come from?
It is possible to arrive at such a number by adding 2 distinct personal income taxes found on the New York return: the state tax & the city resident tax. New York instructions indicate that you calculate the city tax in accordance with the NYC taxable income — leveraging the specific tables / rate schedules in the tax forms.
Piece of the total | Top marginal rate | Who pays? |
|---|---|---|
New York State personal income tax | 10.9% | Only the highest slice of taxable income |
New York City resident income tax | 3.876% | NYC residents once NYC taxable income reaches the top city bracket |
Source for the rates and methods shown above: New York State IT-201 guidance and tax tables.
Section 03
Is everyone in NYC taxed at 14.75%?
No. A marginal rate is only applied to the next dollar earned, and taxpayers, generally, never reach the top state bracket. The actual combined result will vary in parallel to the below subjects:
Filing status — single, joint, head of household
Taxable income left after deductions
Credits that lower the final bill
Full-year vs part-year NYC residency
Section 04
How do you estimate the NYC resident tax on my return?
Checking the NYC taxable income is the initial estimate action — then the method from the state instructions should be applied accordingly:
- 01Find the NYC taxable income line on the resident return
- 02If the amount is under $65,000 — use the NYC tax table
- 03If the amount is $65,000 or higher — use the NYC tax rate schedule
- 04Subtract any NYC credits you satisfy the eligibility to claim
Section 05
Does 14.75% include sales tax or other NYC taxes?
No. This percentage refers strictly to personal income tax — state plus city. It excludes federal income tax & sales tax and property tax or payroll taxes.
Section 06
When is it worth talking to a CPA about this rate?
Receiving large bonuses & commissions, RSUs or stock option income
Moving into or out of NYC during the year — day counts impact the status
Earning income in more than 1 state
Seeing withholding amounts that do not match the expected tax bill
Section 07
Contact Dimov NYC CPA about NYC + NYS income taxes
If you need an estimate that matches with your distinct facts, reach out to Dimov NYC CPA. We will review residency status and withholding information as well as the timing element to assist you in matching the return with New York's requirements.
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