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Live in NYC Work in NJ
I was told that if you live in NYC (Brooklyn) and work in NJ you are taxed twice. I understand that you pay taxes to both states, & NY City; but overall are you taxed more than the situation if you lived and worked in NYC only based on a $30,000 salary.
Also from the following situations which one would you rate the best not considering the sales taxes and other non payroll taxes. Live and Work in NJ Live and Work in NY Live in NY Work in NJ Live in NJ work in NY Thanks Shuja |
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Shuja:
While you will have to file tax returns for both NY and NJ (the NYC tax return is embedded in the NY state tax return), NY state will give you a credit for the taxes you pay to NJ, so there is little, if any, double taxation. In my opinion, it usually makes sense to live and work only in one state. I would pick NJ due to the lower cost of living, but that's just me. |
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