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It depends what your profit in the business is. Just like on your federal return, the more you make the more income tax you'll pay. NY has a "progressive" state tax. The rates go from 4% to 7%, but there are also some local income taxes that depend on where you work and live. But you won't have to pay self-employment tax to NY.

2007-11-27 10:58:38 · answer #1 · answered by Knightly 2 · 0 0

State tax on your net income will be the same as if you made that same amount as an employee.

2007-11-27 10:51:18 · answer #2 · answered by Judy 7 · 0 0

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