1. What is the New York State Salary Tax Calculator?

The New York State Salary Tax Calculator estimates your total tax burden for 2024-2025, including federal income tax, New York State tax, and FICA (Social Security and Medicare) contributions.

2. How Does the Calculator Work?

The calculator uses the following formula:

Where:

• Federal Tax — Calculated using IRS tax brackets for 2024
• New York State Tax — Calculated using NYS tax brackets
• FICA — Social Security (6.2% up to wage base) + Medicare (1.45% + 0.9% for high earners)

3. Importance of Tax Calculation

Details: Understanding your tax burden helps with financial planning, budgeting, and ensuring proper withholdings throughout the year.

4. Using the Calculator

Tips: Enter your annual income before taxes and select your filing status. The calculator will estimate your federal, state, and FICA taxes for 2024-2025.

5. Frequently Asked Questions (FAQ)

Q1: Are local NYC taxes included?
A: No, this calculator only estimates federal, NY state, and FICA taxes. NYC residents would have additional local taxes.

Q2: What about deductions and credits?
A: This is a simplified calculator that doesn't account for deductions, credits, or other tax situations.

Q3: How accurate is this calculator?
A: It provides estimates based on standard tax brackets. For precise calculations, consult a tax professional.

Q4: Does this include self-employment tax?
A: No, this calculator is for W-2 employees. Self-employed individuals have different tax obligations.

Q5: What's the FICA wage base?
A: For 2024, Social Security tax applies only to the first $168,600 of earnings (this amount changes annually).