In 2019, Yonkers, NY had a population of 200k people with a median age of 39 and a median household income of $63,849. Between 2018 and 2019 the population of Yonkers, NY grew from 199,745 to 199,968, a 0.112% increase and its median household income grew from $62,380 to $63,849, a 2.35% increase.
What qualifies as Yonkers?
Similar to New York State and New York City requirements, if your domicile is Yonkers you are considered a Yonkers resident. If you maintain a permanent place of abode in Yonkers and spend 184 days or more in Yonkers, you are considered a Yonkers resident.
Why is Turbotax asking about Yonkers?
The New York State Tax return, Form IT-201 is used not only for the state income tax, but for income tax for New York City and Yonkers, as well as the Metropolitan Commuter Transportation Mobility Tax (MCTMT). That’s why you’re being asked about Yonkers. If you don’t live in Yonkers, you are a non-resident of Yonkers.
What is the Yonkers income tax?
New York City and Yonkers have their own local income tax on top of the state tax. New York City income tax rates are 3.078%, 3.762%, 3.819% and 3.876%.
New York state income tax rates and tax brackets.
| Tax rate | Taxable income bracket | Tax owed |
|---|---|---|
| 4% | $0 to $17,150 | 4% of taxable income |
Who is subject to Yonkers tax?
Residents of Yonkers are subject to the Yonkers Resident Withholding Tax. This tax must be included in paychecks for all employees who live in Yonkers. This tax applies to any services performed or employment in New York City or elsewhere in New York State.
Who must file a Yonkers return?
Individuals with Yonkers income
If you are not a Yonkers resident, you must file Form Y-203, City of Yonkers Nonresident Earnings Tax Return, if you: earned wages or carried on a trade or business within the city of Yonkers, or are a member of a partnership that carried on a trade or business there; and.
Do I pay Yonkers tax if I don’t live there?
You are not taxed in NYC unless you are a resident of NYC, and you are not taxed in Yonkers if you did not live or work in Yonkers.
What is Yonkers NYC?
Located along the Hudson River, Yonkers is New York’s fourth largest city and the largest city in Westchester County. A city in the center of it all, Yonkers serves as the gateway between New York City and the Hudson Valley.
Why is it called Yonkers?
Known as De Jonkeer, which means “the young gentleman” his estate was referred to as “De Jonkheer’s (or Jonkeer’s) Land” or as “Donckers.” The English shortened it to Yonkers. Sawmill – Van der Donck built a sawmill at the junction of the Hudson and Nepperhan Rivers, which is why it is now known as the Saw Mill River.
Are Yonkers taxes higher than NYC?
It raises the tax rates on annual incomes of $300,000. Yonkers is only one of two municipalities in the state that have a personal income tax. The Yonkers income tax rate is 16.75% of your New York State tax obligation. This just makes it more expensive to live in New York State and Yonkers.
What is Yonkers surcharge?
Effective for the 2011 tax year, the Yonkers personal income tax surcharge has been increased from 10% to 15%. The supplemental withholding rate has been increased from . 977% to 1.70%.
Do I have to pay NYC taxes if I don’t live in NYC?
In most cases, if you don’t live in New York City you aren’t required to pay New York City personal income tax.
Who pays Yonkers transfer tax?
the seller
There is a Real Estate Transfer Tax on the sale of all real property in the City of Yonkers. This tax is 1.5% of the selling price and the seller is required to pay the tax.
Do I pay NYC income tax if I live in Long Island?
If you live in Long Island, but work in New York City you might also be subjected to the New York City income tax as well. However, if you live and work on Long Island you do not have to pay a county tax.
What is the minimum income to file taxes in New York?
In general, individuals must have earned $50,000 or less and families with dependents must have earned $72,000 or less in 2021 to file in person at an NYC Free Tax Prep site. Learn more at nyc.gov/taxprep.
What is the Yonkers resident withholding tax?
2.30815%
Effective July 1, 2021, the New York supplemental wage tax rate increased to 13.78% (previously 9.62%) and the Yonkers resident supplemental wage tax rate increased to 2.30815% (previously 1.61135%).
What is Yonkers city nonresident tax?
A tax is hereby imposed at a rate of 1/2 of 1% on the wages earned, and net earnings from self employment, within the City of Yonkers of every nonresident, individual, estate and trust.
How do I avoid New York City taxes?
Table of Contents
- Avoid or Defer Income Recognition.
- Max Out Your 401(k) or Similar Employer Plan.
- If You Have Your Own Business, Set Up and Contribute to a Retirement Plan.
- Contribute to an IRA.
- Defer Bonuses or Other Earned Income.
- Accelerate Capital Losses and Defer Capital Gains.
- Watch Trading Activity In Your Portfolio.
Is Yonkers a rich area?
The per capita income in Yonkers in 2018 was $36,590, which is upper middle income relative to New York and the nation. This equates to an annual income of $146,360 for a family of four. However, Yonkers contains both very wealthy and poor people as well. Yonkers is an extremely ethnically-diverse city.
Is Yonkers poor?
Rent in Yonkers is expensive; median housing costs are well over $1,000 dollars per month, and the city has had a troubled past with affordable housing. For the thousands of families living in poverty, the city’s high cost of living presents a constant struggle.
Is it expensive to live in Yonkers NY?
High cost of living.
The cost of living in Yonkers is 23% higher than the New York State average and is 46% higher than the national average. As part of the top 2% of the most expensive cities in the country, living in Yonkers certainly comes with a high price tag.