Calculate Taxes in NYC
This tool gives you a detailed slab-by-slab breakdown of the taxes owed by an unmarried individual living in New York City.
How to Use
This project is partially written ReasonML. To build:
yarn install yarn start # in another tab yarn run webpack
The last step is a long running command, that will monitor the filesystem for changes, and automatically rebuild. To generate a production-optimized JS artifact, run:
yarn run build yarn run webpack:production
The purpose of this tool is simply to estimate your taxes owned. For very accurate numbers, use a tool like like TaxACT and TurboTax. This tool does not cover things like:
Alternative Minimum Tax: if you have a high income and take a large number of tax deductions, you may be subject to the Alternative Minimum Tax.
Personal Exemptions Phase-out: personal exemptions are reduced with higher incomes, and eventually phased out. This is no longer relevant after 2018, since the tax reform passed in December 2017 eliminated federal personal exemptions.
New York State restrictions on itemized deductions for high-income earners.
Tax Credits, federal and state.
New York State and New York City both offer a variety of credtis, see:
For example, most single NYC residents qulify for the school tax credit (form NYC-210, instructions). Lower incomes make one eligible for a wide variety of credits such as the NYS Household Credit, the NYS earned income credit, the federal EITC, the federal Saver's Credit, etc.
- Federal tax rates (2014) are based on: http://www.forbes.com/sites/kellyphillipserb/2013/10/31/irs-announces-2014-tax-brackets-standard-deduction-amounts-and-more/ and other sources.
- New York State & City tax rates (2014) are based on: http://www.tax.ny.gov/pit/file/tax_tables.htm
- For more on state & local tax federal income tax deductions, see: http://taxes.about.com/od/Deductions/a/State-Income-Tax-Deduction.htm
- A Guide to New York Personal Income Tax: http://taxes.about.com/od/statetaxes/a/New-York-income-taxes.htm
- Standard Deductions: http://www.tax.ny.gov/pit/file/standard_deductions.htm
- Instructions for Form IT-201 (New York State Resident Income Tax Return): http://www.tax.ny.gov/pdf/2013/inc/it201i_2013.pdf
- Instructions for Form IT-272 (New York State Residents' Claim for College Tuition Credit or Itemized Deduction): http://www.tax.ny.gov/pdf/current_forms/it/it272i.pdf
- The non-refundable tax credit is limited to 4% of $10,000, i.e. $400.
- The maximum itemized deduction for college is $10,000.
- On NY itemized deductions: http://www.taxslayer.com/support/829/new-york-itemized-deductions
- A Guide to New York City Income Tax: http://taxes.about.com/od/statetaxes/a/New-York-City-Income-Tax.htm
- New York City Credits: http://www.tax.ny.gov/pit/credits/new_york_city_credits.htm
- Instructions for Form NYC-210 (Claim for NYC School Tax Credit): http://www.tax.ny.gov/pdf/current_forms/it/nyc210i.pdf