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    Grodly's Avatar
    Grodly Posts: 2, Reputation: 1
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    #1

    Jun 2, 2014, 08:12 AM
    What is the NYS income tax rate
    I am moving back to the United States after 15 years away. I would like to know if living in NY or NJ is any better in terms of state taxes.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Jun 2, 2014, 08:15 AM
    In general NJ has lower tax rates, but it really depends on circumstance. In which state would you be working? What is your approximate annual income? Do you plan to rent, or buy? If buying a home, do you have an idea of which community (real estate taxes vary widely across the region)? Do you care about estate and/or inheritance taxes?
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    Grodly Posts: 2, Reputation: 1
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    #3

    Jun 2, 2014, 08:18 AM
    Quote Originally Posted by ebaines View Post
    In general NJ has lower tax reates, but it really depends on circumstance. In which state would you be working? What is your approximate annual income? Do you plan to rent, or buy? If buying a home, do you have an idea of which community (real estate taxes vary widely across the region)? Do you care about estate and/or inheritance taxes?
    Thanks for the quick reply! I will be teaching (hopefully) in the state I live; hoping the income will be around 60000 annually; renting.
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    ebaines Posts: 12,131, Reputation: 1307
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    Jun 2, 2014, 08:33 AM
    Quote Originally Posted by Grodly View Post
    Thanks for the quick reply! I will be teaching (hopefully) in the state I live; hoping the income will be around 60000 annually; renting.
    In NJ you would be in the 5.53% tax bracket if you are single, or 1.75% bracket if married. In NY State (not including NYC or Yonkers) you would be in the 6.45% bracket whether single or married, and if you live in Manhattan or Yonkers NY the rate is 3.59% higher. So clearly in your case NJ is less expensive for you tax-wise.
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