What is the New York state income tax?
New York is a little bit like California in terms of how it conducts its state-wide income tax collection. Like the federal income tax, New York imposes a tax rate that changes depending on the amount of income you make. The lowest rate is at 4%, and the highest rate is at 8.82%. That is relatively lower than the California state tax, as theirs starts at 7.5% and go up to 13.33%. Although the base rates a pretty low for a very populous state, if you happen to live in New York City, then you have to pay an additional local income tax. Since there are so many wealthy people who live in downtown Manhattan, the state imposes an additional 3.5% income tax rate for living there. This could run you up to about 12% if you are someone making over a million dollars.