If you work in New York


If you freelance or do other self-employed work in New York, you should be aware of the updates to MCTM tax for this year. The threshold went up to $50K a year net, a substantial difference from the previous years when it was only $10K.

Section 801(a) of the Tax Law that imposes the MCTMT on self-employed individuals has been amended. For tax years beginning on or after January 1, 2012, an individual will be subject to the MCTMT only if his or her net earnings from self-employment attributable to the MCTD exceed $50,000 for the tax year. Prior to the amendment, an individual was subject to the MCTMT only if his or her net earnings from self-employment attributable to the MCTD exceeded $10,000 for the tax year. The rate of the MCTMT for self-employed individuals (.34%) has not changed. 
 from http://www.tax.ny.gov/pdf/memos/mta_mobility/m12_1mctmt.pdf
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