![This Year Some New Yorkers Will Have To Pay Taxes On This](http://townsquare.media/site/11/files/2024/01/attachment-kelly-sikkema-wgcUx0kR1ps-unsplash.jpg?w=980&q=75)
This Year Some New Yorkers Will Have To Pay Taxes On This
Some New Yorkers are going to be hit with a bigger tax bill for 2024, as they will begin to pay taxes on income they previously hadn't. It's already bad enough that New York is number three when it comes to state income tax. High taxes are no surprise to New Yorkers. The state usually lands among the top when it comes to taxes. According to Turbo Tax, New York has the third-highest income tax rate for 2023,
The states with the highest income tax for 2023 include California 13.3%, Hawaii 11%, New York 10.9%.
More: New York Residents Are Eligible For More Than $2,000 In Tax Credits
This year, the IRS will enforce 1099-K reporting requirement for third-party payment apps, which are hugely popular for payment processing, according to Black Enterprise. New Yorkers using PayPal, Venmo, Cash App, or Zelle to accept payments will have to report their earnings. The new reporting rule was supposed to take place in 2022 and states that any earnings over $600 must be reported to the Internal Revenue Service. This year, any earnings over $5,000 paid via those apps will be taxed.
Top 5 Highest Paying Side Hustles In New York State
Many people in New York rely on gig work or side hustles to make ends meet. According to NY Bet, more than half of New Yorkers need the extra income provided by a side hustle or hustles) - 57% of New Yorkers rely on their side hustle to stay afloat.
And some side hustles are more lucrative than others. NY Bet conducted a study to find out which side hustles in New York pay the highest.
Which Side Hustles Pay The Most In New York?
According to NY Bet,
- The highest-paying side gig in NY: Freelancing on sites like Upwork and Fiverr
- Highest side-gig pay in NYC: Photography
Not every New Yorker lives in the City, so let's take a look at the top 5 paying gigs overall.
Aside from freelancing for sites like Fiverr, which pays $32 per hour on average, and photography, which pays $29 per hour, these are the top 5:
5. Handyman Work - $21
4. Working For TaskRabbit - $22
3. Ride Share Driving - $24
2. Tutoring - $25
1. Airbnb Hosting - $27
You can see which other side hustles pay pretty well in New York on NY Bet's website
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See The 10 States With The Highest Tax Burden
Gallery Credit: Matty Jeff
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