Ask Experts Questions for FREE Help !
Ask
    chomot's Avatar
    chomot Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Nov 20, 2006, 05:43 PM
    NJ or NYC living/working most economical tax wise?
    I am looking at a position with my current company servicing our customer based in Ridgefield NJ.

    My question is which is cheaper, to live and work in NJ, to live and work in NY or to live in NY and work in NJ? I have read other questions in this forum and understand the state tax credit scenario will equalize the final number but I do not know overall the best location to live in cost wise. Is it possible to claim working in NYC while living there as I will only be servicing customers based in NJ. I am assuming my company will let me claim either state I wish to be based in for working purposes? Would that help?

    For discussion purposes the salary is 100k.

    Married filing jointly with two young children 2 and 3.

    Do you know about commuter refund programs or any other incentive programs also?

    Thank you for your help

    Dave
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Nov 20, 2006, 08:02 PM
    I cannot think of ANY circumstance where living in NYC is cheaper than living ANYWHERE in NJ. This disparity in income tax rates, not to mention cost of living and embedded taxes, is just too high.

    Living and work in NJ is possible. Second alternative is live in NJ and work in NY.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Tax Exemption for living in NJ working outside NJ [ 1 Answers ]

Hi I am a regional salesperson, live in NJ and travel extensively outside of the state of NJ. I have heard that you can apply to be exempt from paying taxes in NJ if you live in the state but spend so much time outside of the state. Is this correct? How do I go about claiming this status? How...

Living n Nj and working in Ny [ 2 Answers ]

Hello, I just move to Jersey City, NJ and I work in Manhattan, NY. I would like to know what taxes do I pay to NY and what do I pay to NJ and what is the by-weekly percentage taken off for each one of these deductions. Thank yoou

Fed, State and City - NYC living and working [ 5 Answers ]

Hi, I’ve just started working in NYC and living in NYC. From some research, I understand I need to pay federal, NY State, and NY City taxes on my gross income after adjusting/deducting the gross income for some exemptions and deductions. Also understand two options under deductions exist –...

Possibly moving to NYC while still working in NJ [ 5 Answers ]

Hi, I am wondering about the tax implications of a planned move. I will certainly move to NYC, though where I work remains up in the air. Tax status is single. I currently live and work in NJ, however, I am contemplating moving to NYC while keeping my job in NJ. I realize I would probably...

Buying a coop to live in NJ working in NYc [ 1 Answers ]

Hi I am in the process of purchasing my first home (co-op) in NJ with my wife. We currently live in NY and work in NY. How will taxes affect us for 2005 file? Will we have to pay both NJ and NY taxes? The property offers a 67% deductible should we expect to pay more or less by living in NJ and...

View more questions Search