Average Taxes in NYC


G

gorda

Hello,

I have been recently offered a position in NYC, and am
considering taking it up andm moving to the city. I'm being
offered 50K, and i'd like to know how much of that i'll lose
in taxes. Can someone tell me how the breakup is? Will
living in NJ rather then NYC make much of a difference tax
wise?

Thanks,
-S.
 
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V

Victor Roberts

I have been recently offered a position in NYC, and am
considering taking it up andm moving to the city. I'm being
offered 50K, and i'd like to know how much of that i'll lose
in taxes. Can someone tell me how the breakup is? Will
living in NJ rather then NYC make much of a difference tax
wise?
I can't answer your question completely, but here are some pointers.

First, a summary of NY State taxes can be found at:
http://www.bankrate.com/goocalh/itax/edit/state/profiles/state_tax_NY.asp

But you have to add to this the NYC Income Tax and NYC Sales
Tax. I live in upstate NY. We have a local sales tax of
about 4% (for a total of 8.25%) but no local income tax.

Other info can be found at the site of the New York State
Department of Taxation and Finance:
http://www.tax.state.ny.us/. I believe this same site has
NYC Income tax rates.

New York City is an interesting city and an exciting place
to live. However, if I were concerned about the financial
impact of moving there I would certainly include the high
overall cost of living (housing, food, transportation) in
addition to any additional tax burden.
 
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R

Rich

gorda said:
I have been recently offered a position in NYC, and am
considering taking it up andm moving to the city. I'm being
offered 50K, and i'd like to know how much of that i'll lose
in taxes. Can someone tell me how the breakup is? Will
living in NJ rather then NYC make much of a difference tax
wise?
Very hard (read impossible) to live in NYC on 50K unless you
room share. A simple studio apartment in NYC is going to
cost you $200,000k+. The surrounding areas are similarly
expensive.

PS: don't come here unless you REALLY have a good reason.

-Rich in NYC
 

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