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Insights & Alerts
December 29, 2011

Middle Class Tax Cut and Job Creation Plan
Diane Giordano contributed to this Tax Flash.

As noted in our recent Tax Flash, on December 20, 2011, NYS Governor Cuomo signed legislation, known as the Middle Class Tax Cut and Job Creation Plan, reducing the state tax burden for millions of New Yorkers.

To supplement our Tax Flash, we provide below a breakdown by filing status of the new 2012 rates. The rate reductions are highlighted in bold.

For Taxpayers FIling As Married On Their Personal Income Tax Return
Income Bracket 2012 2011
0 - $16,000 4.00% 4.00%
$16,000 - $22,000 4.50% 4.50%
$22,000 - $26,000 5.25% 5.25%
$26,000 - $40,000 5.90% 5.90%
$40,000 - $150,000 6.45% 6.85%
$150,000 - $300,000 6.65% 6.85%
$300,000 - $2,000,000 6.85% 7.85% - 8.97%
Over $2,000,000 8.82% 8.97%

 

For Taxpayers FIling As Head Of Household On Their Personal Income Tax Return
Income Bracket 2012 2011
0 - $12,000 4.00% 4.00%
$12,000 - $16,500 4.50% 4.50%
$16,500 - $19,500 5.25% 5.25%
$19,500 - $30,000 5.90% 5.90%
$30,000 - $100,000 6.45% 6.85%
$100,000 - $250,000 6.65% 6.85%
$250,000 - $1,500,000 6.85% 7.85% - 8.97%
Over $1,500,000 8.82% 8.97%

 

For Taxpayers FIling As Single On Their Personal Income Tax Return
Income Bracket 2012 2011
0 - $8,000 4.00% 4.00%
$8,000 - $11,000 4.50% 4.50%
$11,000 - $13,000 5.25% 5.25%
$13,000 - $20,000 5.90% 5.90%
$20,000 - $75,000 6.45% 6.85%
$75,000 - $200,000 6.65% 6.85%
$200,000 - $1,000,000 6.85% 7.85% - 8.97%
Over $1,000,000 8.82% 8.97%

Note: Rates subsequent to year end 2012 may be subject to cost of living adjustments.

Should you have any questions how this payroll change may affect you or your business, please contact your Marcum Tax Professional.

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