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-   -   What is the difference in salary/withholdings (https://www.askmehelpdesk.com/showthread.php?t=176499)

  • Jan 25, 2008, 08:56 AM
    joperry
    What is the difference in salary/withholdings
    I currently live and work in bergen county, nj, and am contemplating a new position in nyc. If my current salary is 90k, what will I need to earn in nyc to take home the same money each week?
  • Jan 25, 2008, 09:04 AM
    AtlantaTaxExpert
    Come on, you have GOT to be kidding.

    That requires an in-depth analysis of the taxes imposed by NY state, then computer modeling to come up with an exact figure.

    No way I do such an analysis without compensation.

    Now, if you want an off-the-cuff analysis, I would say you need AT LEAST $100K to make up for the higher NY state taxes (the credit that NJ gives you for the NY taxes paid will completely offset any NJ tax liability) plus the commuting costs plus the added cost in time for the commute.

    If you MOVED to NYC, you would have to factor in NYC's income tax, MUCH higher cost of living, and the higher real estate costs.
  • Jan 26, 2008, 08:16 PM
    MukatA
    For Single with salary of 90K, the taxes are social security $5,580, medicare $1,305, federal income tax $16,861.
    Take home $66,254 minus state taxes. Net take home will be less than $60,000.
    My guess, you should earn around $140,000 to take home 90K.
  • Jan 28, 2008, 09:33 AM
    AtlantaTaxExpert
    Noted!

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