Every year, millions of people produce gross income reports for revenue services, an ode to Taxes 101. Each jurisdiction maintains tax laws and percentage values based on what you bring home over the course of the business calendar. For example,
income tax preparation in New York Citymay require extensive knowledge of certain exemptions and deductions that don’t exist in another location where you live or do business. In order to simply things, your tax bracket plus a flat FICA percentage pretty much gives you a snapshot of what you may end up owing. However, things get a bit more complex.
New York’s Marginal Tax Bracket
In 2016, income tax rates in the east coast city underwent some changes. Ranging from 4% to 8.2%, the eight bracket marginal tax system is subject to filing type. Bracketed income tax covers any money made up to the highest tax bracket plus a marginal percentage for the excess.
Example: If you made between $21,400.00 and $80,650.00, you’ll pay 6.33% plus $1,042.00 for singles.
For married or filing jointly, 6.33% plus $2,092.90 applies for earnings between $43,000.00 and $161,550.00.
How Brackets Work
Income tax preparation for a New York City resident means understanding that technically, the brackets sort of merge. Each filer is responsible for everything from the lowest tax bracket to the one where you earned your very last dollar as the example above indicates. You need a companion that can help you stay on top of your finances.
Here’s a little bit about us
At Robert A. Woloshen CPA, PC, we have intimate tax intelligence. If you are close to Manhattan’s Union Square, we formally invite you to stop by. To learn more about usand our services in all 50 states, go to and see what we do.