NYC TAX RATES FOR
2005

Married filing jointly and qualifying widow(er)

2005

If city taxable income is:	The tax is:
Not over $21,600	2.907% of the city taxable income
Over $21,600 but not over $45,000	$628 plus 3.534% of excess over $21,600
Over $45,000 but not over $90,000	$1,455 plus 3.591% of excess over $45,000
Over $90,000 but not over $150,000	$3,071 plus 3.648% of excess over $90,000
Over $150,000 but not over $500,000	$5,260 plus 4.05% of excess over $150,000
Over $500,000	$19,435 plus 4.45% of excess over $500,000

Single, Married filing separately, and estates and trusts

2005

If city taxable income is:	The tax is:
Not over $12,000	2.907% of the city taxable income
Over $12,000 but not over $25,000	$349 plus 3.534% of excess over $12,000
Over $25,000 but not over $50,000	$808 plus 3.591% of excess over $25,000
Over $50,000 but not over $100,000	$1,706 plus 3.648% of excess over $50,000
Over $100,000 but not over $500,000	$3,530 plus 4.05% of excess over $100,000
Over $500,000	$19,730 plus 4.45% of excess over $500,000

Head of Household

2005

If city taxable income is:	The tax is:
Not over $14,400	2.907% of the city taxable income
Over $14,400 but not over $30,000	$419 plus 3.534% of excess over $14,400
Over $30,000 but not over $60,000	$970 plus 3.591% of excess over $30,000
Over $60,000 but not over $125,000	$2,047 plus 3.648% of excess over $60,000
Over $125,000 but not over $500,000	$4,418 plus 4.05% of excess over $125,000
Over $500,000	$19,606 plus 4.45% of excess over $500,000

 

Estimated Tax Filers

 

New York City residents and part-year residents with New York source income are required to make annual payments of estimated tax when they expect to owe, after withholding and credits, at least $300 of New York, New York City, or Yonkers tax for the current tax year, and their withholding and credits are expected to be less than the smaller of (1) 90% of the tax shown for the current tax year, or (2) 100% of the tax shown on the prior year's return (provided a return was filed and the taxable year consisted of 12 months).

Limitations on use of preceding year's tax: If the New York adjusted gross income shown on the return of an individual exceeds $150,000, the required annual payment will be lesser of 90% of the tax shown on the return for the taxable year, or 110% of the tax shown on the return of the individual for the preceding taxable year. In the case of a husband and wife who file separate returns, the required annual payment will be lesser of 90% of the tax shown on the return for the taxable year, or 110% of the tax shown on the prior year's return if New York adjusted gross income shown on the return exceeds $75,00

Due dates for declarations and payments: The dates upon which installments of estimates tax become due are dependent upon when the requirements to make estimated tax payments are first met. For the calendar year taxpayers whose requirements are met before April 1, estimated tax installments are due in four equal installments on April 15, June 15, September 15, and January 15 of the following tax year. When the requirements to make estimated tax payments are first met after March 31, and before June 1, 50% of the required annual payment is due on June 15, 25% is due on September 15, and 25% is due on the following January 15. When the requirements are met after May 31 and before September 1, 75% of the required annual payment is due on September 15, and 25% is due on the following January 15. When the requirements are met after August 31, 100% of the required annual payment is due on the following January 15.