NY determines the tax on your entire income for the year. Then prorates it based on the percentage earned in NY. Your tax rate may have increased.
For example: say you made $70,000 in 2019, taxed around 6%
- 2020, earn $85,000. Income up, tax bracket goes up
- taxed at 6.41% -519.34 = $4929.16 total NY tax liability
- But only $60,000 earned in NY.
- Prorate $60k/$85k is 70.6%
- Your tax would be the prorated 70.6% of the $4929.16 = $3,479 NY tax
Depending on your numbers, you could have made less money and paying more in taxes. NY taxes up to 8.82%.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
