Get Nys-50-t-nys New York State Withholding Tax Tables And Methods Revised 1/23

Standard deduction increase: For tax year 2023, the standard deduction increased to $13,850 for single filers and $27,700 for married couples filing jointly. Tax brackets increase: Income tax brackets went up in 2023 to account for inflation.

New York state income tax rates range from 4% to 10.9%. Tax brackets and rates depend on taxable income, adjusted gross income and filing status. Residency status also determines what's taxable. These rates apply to income earned in 2022 that was reported on tax returns due in 2023.

Single filers: IncomeTax Rate$8,501 to $11,700$340, and 4.5% of income over $8,500$11,701 to $13,900$484, and 5.25% of income over $11,700$13,901 to $80,650$600, and 5.85% of income over $13,900$80,651 to $215,400$4,504, and 6.25% of income over $80,6505 more rows • Feb 10, 2023

The tax class 4 (commercial) tax rate had its biggest percent decrease in 16 years and is the lowest rate in 22 years. The tax class 2 (apartment buildings) tax rate had its biggest percent increase in 15 years and is the highest rate in 10 years. Tax year 2023/24 assessments saw moderate increases this year.

For 2023, the Social Security tax wage base for employees will increase to $160,200. The Social Security tax rate for employees and employers remains unchanged at 6.2% on wages up to $160,200. Medicare tax will also apply to all wages and will be imposed at a rate of 1.45% for both employees and employers.

NYS and Yonkers withholding tax changes effective January 1, 2023. We revised the 2023 New York State personal income tax rate schedules to reflect certain income tax rate reductions enacted under the Tax Law. We also updated the New York State and Yonkers withholding tax tables and methods for 2023.

Personal Income Tax Accelerates to 2023 the phase-in of the middle-class income tax cuts originally scheduled to take effect in 2025: For 2023, the tax rate for married filing joint taxpayers for income between $27,900 and $161,550 is 5.5%, and for income between $161,551 and $323,200 the rate is 6%.