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Taxes

state income tax

Most states levy an income tax on their residents that is in addition to the federal income tax. Laws vary from state to state but in most states the state income tax is a tax on the annual earnings of individuals, corporations, trusts, limited liability companies, and other legal entities.

There are nine states that do not have a state income tax—including Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming. But New Hampshire levies a tax on capital gains and Washington state recently enacted a tax on extraordinary profits from the sale of financial assets over $250,000.

In New York, residents are subject to state income tax in addition to the federal income tax. The state income tax applies to earnings of individuals, corporations, trusts, limited liability companies, and other legal entities. The tax rates and brackets vary depending on the income level and filing status of the taxpayer. New York State has a progressive income tax system, which means that the tax rate increases as the taxpayer's income increases. The state also imposes taxes on capital gains as part of the income tax. Unlike the states mentioned that do not have an income tax or only tax certain types of income, New York has a comprehensive income tax structure that affects most forms of income.

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Taxes

state income tax

Individual & Family Legal Plan

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New-York State Code

New-York State Code

Taxes

state income tax

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