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So after some googling I found the link below which discusses the topic. It seems in New York State that once your income goes above a certain level (c.$105k) then the marginal income tax rate is applied to your whole income. This is also confirmed by the tax guidance document that NYS issues where the calculation tables purport to show detail workings but then basically tell you to skip all that if your income is above a certain level and just to apply the marginal rate.
https://www.bogleheads.org/forum/viewtopic.php?t=192321
New York State income tax rates range from 4% to 8.82% currently, depending on your income and filing status. If you live in New York City, you'll be required to pay even more tax, as the city imposes its own local income tax system on top of the one the state requires. Those rates range from 3.078% to 3.876%.
The 6.85% tax rate is within the realm of NY state taxation. Keep in mind if you live in NYC, there are additional taxes that need to be paid and reported on your NYS return.
Thanks I understand the rates. What I am asking is that my entire taxable income has been taxed at my marginal rate of 6.85% rather than a blended rate reflecting the different tax bands. Do you know why that would be?
I assume that you have IT-201?
Could you tell us the values in lines 33, 38, 39, 43, 45, and 46? Thanks.
So after some googling I found the link below which discusses the topic. It seems in New York State that once your income goes above a certain level (c.$105k) then the marginal income tax rate is applied to your whole income. This is also confirmed by the tax guidance document that NYS issues where the calculation tables purport to show detail workings but then basically tell you to skip all that if your income is above a certain level and just to apply the marginal rate.
https://www.bogleheads.org/forum/viewtopic.php?t=192321
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