Income taxation reduces your $70,720 salary to $54,035.89 in New York State.
Your employer withholds $16,684.11 in tax on a $70720 New York salary in 2023 if you work in New York State and your tax filing status is single.
These withholdings contain New York State income tax, US income tax, and FICA taxes (social security and medicare).
Read the article to learn how much social security you’ll pay. Find out your highest bracket and your marginal tax rate. Discover your take-home pay in a weekly, bi-weekly, or monthly paycheck.
- Which Income Taxes do I Pay in New York State?
- Tax Rate on Additional Income (Marginal Tax Rate)
- Your Average Tax Rate
- New York State Tax Structure
- Budgeting with a $70,720 salary in the Empire State
- What is my Net Hourly Rate and Why do I Care?
- Is $70720 a Good Salary in New York?
- Saving Taxes
- Key Takeaways
- Similar Income or Wages
Which Income Taxes do I Pay in New York State?
As a resident tax-payer, of the Empire State, you have to pay:
- Federal income tax
- FICA taxes
- Social security
New York State income tax
New York State has no county income or city income tax, except for New York City and Yonkers. They have different rates on earned income, from the rest of the state.
A detailed estimate of the federal taxes on 70720 dollars income is calculated here.
In summary, your employer withholds from your paycheck three types of taxes for the federal government. On a $70,720 salary, you owe $7,818.56 in federal income tax. Additionally, the employer withholds $4,384.64 for social security and $1,025.44 for medicare.
These are annual figures. The payroll department will calculate the portion that applies to each paycheck (monthly, semi-monthly, or bi-weekly).
New York State Income Tax on $70,720 annually
As a resident of New York State, you have to pay $3,455.47 in state taxes per year. This is calculated for income of $70,720 and a filing status as “single”. The tax rates are applicable for the year 2023.
The state of New York collects taxes on personal income. The tax rates are progressive. That means the higher your income, the higher the rates.
New York City and Yonkers, have different tax rates on personal income. They are generally higher than those of New York State.
NY Taxation Summary
With an income of $70,720 a year, you pay $7,818.56 in federal income tax and $5,410.08 in federally mandated insurance (FICA tax).
New York State adds $3,455.47 to your tax burden, which your employer withholds from your paycheck.
Tax Rate on Additional Income (Marginal Tax Rate)
Who doesn’t strive for extra income, such as overtime pay or a performance bonus? New York State income tax rates and federal tax rates rise with increasing income. Thus, you want to know which rate you are going to pay on additional income.
The federal tax rates rises with increasing income. Your federal marginal rate is 29.65%. This includes the FICA taxes Social Security and Medicare tax.
With $70720 your highest dollar is taxed with 5.85% by the state of New York.
Your combined rate on extra income will be 35.50%. This includes, federal tax, social security, medicare, and New York State tax.
Example for Marginal Tax Rate
For example, an annual bonus of $2,080 (equals +$1 / hour) will increase your tax bill as resident of New York State by $738.40.
Of that $2,080 (equals +$1 / hour) bonus, you will see only $1,341.60 in your paycheck. The government taxes you on that last $2,080 at a rate of 35.50%.
All details you find in our article "New York State: 72,800.00 after taxes filing single."
Your Average Tax Rate
While the marginal tax rates look scary, your average tax rates are less so.
On an income of $70,720.00, you pay an average tax rate of 23.59%. Our calculation of the average tax rate is based on gross income without standard deductions.
New York State Tax Structure
New York State collects a progressive tax on income to cover its services to the citizens. The rates start at 0% and rise to 11.90%. It further taxes residents of NY differently than partial or non residents. See our report for details of income tax rates and other taxes levied in NY
Budgeting with a $70,720 salary in the Empire State
The United States governments calculates taxes on yearly income. Yet, you receive a paycheck monthly or twice a month, or more often. And more importantly, you pay pay rent, utility bills, and car payments usually monthly. Hence, you’d need to know what are the monthly amounts your can count on to cover such expenses.
Take-Home Pay on $5,893 monthly in NY
Your employer will pay you one-twelfth of your annual salary each month. That comes to a $5,893.33 monthly salary.
Furthermore, your employer will withhold the necessary taxes. The employer sends the taxes directly to the Internal Revenue Service and the New York Departement of Tax and Finance.
Monthly withholdings on a $70720 salary:
|Monthly Gross Income||$5,893.33|
|Social Security||– $365.39|
|Federal Income Tax||– $651.55|
|Monthly Take-Home Pay||$4,502.99|
Given you file taxes as a single, your monthly salary of $5,893.33 will result in take-home pay of $4,502.99.
Take-Home Pay on $2,720 bi-weekly pay in NY
On a bi-weekly pay schedule therea re 26 paycheckst. That comes to a $2,720.00 payout every forthnight.
Bi-weekly paycheck withholdings on $70720 salary:
|Bi-weekly Gross Income||$2,720.00|
|Social Security||– $168.64|
|Federal Income Tax||– $300.71|
|Bi-weekly Take-Home Pay||$2,078.30|
With a tax filing status of “single”, you can expect a net paycheck of $2,078.30 every fortnight.
Budgeting with bi-weekly income and monthly expenses has its own challenges 🔗. The simplest method is to assume you earn two paychecks a month and one extra paycheck. Best to apply the extra paycheck to savings.
Take-Home Pay on $1,360 weekly pay in NY
Some employers pay you weekly. That mwans you’ll receive 52 paychecks, one for every week of the year. This is very unusual for salaried employees and rare for wage earners.
Your employer will pay you in 52 weekly portions of your salary. That comes to a $1,360.00 weekly salary.
Weekly paycheck withholdings on $70720 salary:
|Weekly Gross Income||$1,360.00|
|Social Security||– $84.32|
|Federal Income Tax||– $150.36|
|Weekly Take-Home Pay||$1,039.15|
Your weekly paycheck will amount to $1,039.15 if you earn $70,720 a year and are filing taxes as a single.
What is my Net Hourly Rate and Why do I Care?
Your net hourly rate is the amount of money you can effectively spend when you work one hour.
From your net hourly rate you can calculate the value of an expense in the hours (or minutes) you need to work for it. This makes it easier to be frugal with day-to-day expenses.🔗
Calculating the hourly rate from your net income, after taxes, is important because you can only spend the money you take home. You can not avoid paying taxes.
With a $70,720 salary and taxes paid in New York your net hourly rate is $25.98.
Is $70720 a Good Salary in New York?
An income of 70720 dollars annually or $5,893.33 monthly is 158% of a living wage in New York. This is a acceptable income for a single person with no children.
We compare the income against a New-York-wide average for the living wage. The living wage in different metro areas and counties can differ widely from this average.
Our calculations recognize only the standard dedcutions for a single tax payer. However, the government allows many ways to earn money tax-free or tax deferred. This is not the place to advise you on what you might deduct or how else you can save on taxes. Yet, this is important to know, because our calculations are teh maximum, you’ll pay on wages, salaries or income from self-employment.
Being a resident of New York State subjects you to basic taxes on earned income, such as wages or salary.
From an annual salary of 70720 dollars, you will keep $54,035.89 a year or $4,502.99 a month. This is a acceptable income in New York State for a single without children or dependents.
However, you want to look at income levels and other expenses before deciding to find a job in New York State.
Did you know a $70720 salary is equivalent to a wage of $34.0 an hour?
Similar Income or Wages
This article is not tax advice, nor should be taken as such. All calculations are estimates and for budgeting purposes only. The content of this article is only for learning and entertainment. The article does not replace professional tax advice.
In general, you have to consider your personal circumstances. Your taxable income may be reduced by exclusions, dependents, deductions, or other types of income. These and many other factors will influence the taxes you pay. To prepare your tax return you should consult with a tax professional. A CPA or other tax professional can give you individual advice on how to save on taxes.
We considered in this article only individual income tax. That means, we did not include numbers on capital gains taxes, taxes on business income, or self-employment taxes.
Where ever possible we use data for the tax year 2023 for our calculations.
We used the following references for our estimates: