@Francisco2019 wrote:
Can you give an example:
(If I make $50,000 in a long term Stock Gain Then I’ll pay 15% For Long Term Capital Gain. Is that all I have to pay for taxes or I’ll also need to pay New York State tax? If so How can I find the tax rate for New York State tax?)
thank you
All your income is added together and taxed at the same rate in New York State.
It's hard to give an example without knowing your regular income. If that stock gain is your only income, then you won't pay any federal capital gains tax because the rate is 0% if your income is less than $50,000. And you would pay 6.09% at New York because NY does not give a break to capital gains, it's all taxed together.
Instead supposing your salary is $300,000. The IRS will tax the first $9500 of your income (after deductions) at 10%, the next $30,000 at 12%, the next $40,000 at 22%, and the rest at 24% (if you are single). The capital gains will be taxed separately at 15%. New York will add all your income together and assess the same income tax rates on $350,000 of income, which will be 6.09% up to $161,000 and 6.49% over that.
