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Income tax calculator for
Freelance Photographer in New York

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Do you have freelance income?

Self Employed Taxes

Self Employment Tax in New York covers state residents who don’t receive a paycheck like the W2 employees who get their taxes automatically deducted from their earnings. These self-employed individuals are their own employers, and they have to pay a bit extra in “self-employment tax” to contribute to Social Security and Medicare.

These SE taxes are used to pay:

Federal Income tax
State income tax
Self-employment taxes
Social security
Medicaid/medicare

Apart from these above-mentioned taxes, freelancers and self-employed workers also have to pay for:

Capital gains taxes: both short term and long term gains
AMT or Alternative Minimum Taxes for those earning over $100k annually

According to the IRS, self-employed workers who earn less than $400 annually don’t have to pay the Self Employment tax.

Moreover, the New York self employment tax is considered a Tax deduction for freelance photographers in New York. Although the tax is charged on a taxpayer’s business profit, the IRS counts the "employer" half of the self-employment tax, or 7.65% (calculated as half of 15.3%), as a business deduction for purposes of calculating the freelance photographer tax.

As a self-employed freelance photographer, you are required to file an annual return and pay estimated tax. Quarterly taxes for freelance photographers must be paid using Form 1040-ES if your Federal tax liability is over $1,000 for the year. To lower your tax liability, make sure to utilize the tax deductions for freelance photographers.

Tax rates for s in New York

New York’s top marginal income tax rate of 8.82% is one of the highest in the country, but very few taxpayers have to pay that amount. The state applies taxes progressively, where higher earners pay higher rates.
Moreover, New York City (NYC) also levies its income taxes, which means residents of the Big Apple pay some of the nation’s highest local rates

The following table represents the New York Income Tax Brackets and Rates:

Single Filer/Married filing separately

BracketsRates

$0 - $8,5004%

$8,501 - $11,7004.5%

$11,701 - $13,9005.25%

$13,901 - $21,4005.9%

$21,401 - $80,6505.97%

$80,651 - $215,4006.33%

$215,401 - $1,077,5506.85%

$1,077,551 - $5,000,0009.65%

$5,000,001 - $25,000,00010.3%

$25,000,001+10.9%

Married Filing Jointly

BracketsRates

$0 - $17,1504%

$17,151 - $23,6004.5%

$23,601 - $27,9005.25%

$27,901 - $43,0005.9%

$43,001 - $161,5505.97%

$161,551 - $323,2006.33%

$323,201 - $2,155,3506.85%

$2,155,351 - $5,000,0009.65%

$5,000,001 - $25,000,00010.3%

$25,000,001+10.9%

Head of household

BracketsRates

$0 - $12,8004%

$12,801 - $17,6504.5%

$17,651 - $20,9005.25%

$20,901 - $32,2005.9%

$32,201 - $107,6505.97%

$107,651 - $269,3006.33%

$269,301 - $1,616,4506.85%

$1,616,451 - $5,000,0009.65%

$5,000,001 - $25,000,00010.3%

$25,000,001+10.9%

NYC Tax Rates & Bracket

As mentioned above, New York City levies its own income tax rates, the following table represents New York City’s income tax rates and brackets:

Single Filer/Married filing separately

BracketsRates

$0 - $12,0003.078%

$12,001 - $25,0003.762%

$25,001 - $50,0003.819%

$50,001+3.876%

Married Filing Jointly

BracketsRates

$0 - $21,6003.078%

$21,601 - $45,0003.762%

$45,001 - $90,0003.819%

$90,001+3.876%

Head of household

BracketsRates

$0 - $14,4003.078%

$14,401 - $30,0003.762%

$30,001 - $60,0003.819%

$60,001+3.876%

Single Filer/Married filing separately

A single filer represents the person who is unmarried and does not qualify for any other filing status. Generally, the tax rates and brackets that apply to single filers also apply to individuals who are married but file their taxes separately.

Married Filing Jointly

Married filing jointly represents the tax filing status available to married couples who were married by 31st December of the tax year. Couples who file their taxes as Married Filing Jointly, get the most tax breaks.

Head of household

Head of Household is a filing status for single or unmarried taxpayers who keep up a home for a Qualifying Person (child, relative, boyfriend/girlfriend, or any dependent). The Head of Household filing status has some major tax advantages over the Single filing status such as a lower tax rate and a higher standard deduction.

Deductions & Credits

The state of New York also offers tax deductions and credits to reduce tax liability, including a personal exemption, itemized deduction, the earned income tax credit, child and dependent care credit, and college access tax credit.

The following table represents the New York state tax standard deduction rate based on one’s filing status:

Filing StatusStandard Deduction

Single Filer (Can be claimed as a dependent on another taxpayer’s federal tax return)$3,100

Single (Can’t be claimed as a dependent on another taxpayer’s tax return)$8,000

Married filing jointly$16,050

Married filing separately$8,000

Head of household$11,200

Qualifying widow(er)$16,050

If you are dependent within the state of New York, you can claim a personal exemption of up to $1,000.

FlyFin’s New York Freelance Tax Calculator can help you figure out your tax liability with ease.

Personal exemption

According to the IRS, a personal exemption refers to an amount that a resident taxpayer is entitled to claim as a tax deduction against personal income in calculating taxable income and consequently federal income tax.

Filing StatusPersonal Exemption

Singlen.a.

Couplen.a.

Dependent$1,000

Freelancers in New York

New York have a freelance population of 600,000 and have a market cap of $26bn in 2019

600,000

Freelance
population

$26 bn

Revenue
Income

On an average freelancers spend 25 hour a week at their work in USA. 40% works fewer than 20 hours per week and 6% work more than 50 hour per week

The state of new york has
1.4% of the GDP
freelancers in 2019

On an average an
independent
contractor
earn $44,520

In the period from 2012-2017 revenue from freelance contractors has grown to 12% and number of freelancers have grown to 20%

12%

20%

Freelance
growth

Revenue
growth

34% of NYC’s workforce is freelancing.
Nearly three of every ten (28%) dollars of New York’s $26 Billion in skilled independent revenues comes from outside the metro area and therefore contribute $7.3 Billion to its economic base.