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Old Jan 1st 2013 | 3:18 pm
  #16  
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Default Re: Moving to NYC

Originally Posted by tommcl87
Thanks guys - just got the offer and all looks good.

Can anyone help with the tax situation in NY. Trying to figure out take home pay. Based on a salary of say 75k. I have worked out I would pay 29 cents in the dollar tax. Does that sound correct?

Are the tax's you pay, city, state federal deductible for do they operate independently

Thanks all

T
If you live and work in NYC you pay City, State, Federal, Social Security and Disability(FICA). Your taxes will depend on what you claim on your w4 but 29% is about right .
 
Old Jan 3rd 2013 | 8:21 am
  #17  
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Default Re: Moving to NYC

I'm a dual UK/US citizen and have lived in Manhattan for many years. Re apartment rentals, starting price for 1 bedroom is around $3,000 per month and up. You might want to consider looking outside Manhattan - Queens, Brooklyn or New Jersey where the rents are less expensive. The village (Greenwich) is a prime real estate location, so avoid. If you must be in Manhattan, an up and coming area is Washington Heights (north of Harlem).

Wishing you all the best and good luck.
 
Old Jan 3rd 2013 | 4:30 pm
  #18  
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Default Re: Moving to NYC

Originally Posted by Sandra1
I'm a dual UK/US citizen and have lived in Manhattan for many years. Re apartment rentals, starting price for 1 bedroom is around $3,000 per month and up. You might want to consider looking outside Manhattan - Queens, Brooklyn or New Jersey where the rents are less expensive. The village (Greenwich) is a prime real estate location, so avoid. If you must be in Manhattan, an up and coming area is Washington Heights (north of Harlem).

Wishing you all the best and good luck.
You can definitely get a one bedroom for less than $3000 in Manhattan. In fact you can get one for under $2000. My friend just got a nice renovated one bedroom in the East 70's for $1625 .
 
Old Jan 4th 2013 | 5:42 am
  #19  
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Default Re: Moving to NYC

Originally Posted by penguinbar
You can definitely get a one bedroom for less than $3000 in Manhattan. In fact you can get one for under $2000. My friend just got a nice renovated one bedroom in the East 70's for $1625 .
True 1 bedroom or a junior 4?

Manhattan rentals at the low end may be hard to come by without rental/credit history (US rental and credit history).

RE Tax - Federal income tax is marginal and one thing penguinbar forgot to include was payroll tax which is 6.2%. Your effective tax rate on $75K is about 33%. Even though healthcare is paid for by your employer there will usually be a deduction from your gross pay.
 
Old Jan 4th 2013 | 6:59 am
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Default Re: Moving to NYC

2000 a month sounds cheap. At least you can survive without a car, which helps with the monthly nut. From what I gather wages are higher in NYC to help with the cost of living. Like in San Francisco
 
Old Jan 4th 2013 | 8:06 am
  #21  
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Default Re: Moving to NYC

Originally Posted by penguinbar
If you live and work in NYC you pay City, State, Federal, Social Security and Disability(FICA). Your taxes will depend on what you claim on your w4 but 29% is about right .
Originally Posted by Bootle

RE Tax - Federal income tax is marginal and one thing penguinbar forgot to include was payroll tax which is 6.2%. Your effective tax rate on $75K is about 33%. Even though healthcare is paid for by your employer there will usually be a deduction from your gross pay.
"Payroll tax" is Social Security and FICA, both of which Penguinbar mentioned.
 
Old Jan 5th 2013 | 1:24 am
  #22  
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Default Re: Moving to NYC

Originally Posted by BritandDutchie
……. From what I gather wages are higher in NYC to help with the cost of living. Like in San Francisco
I recall seeing a salary and cost of living survey some years ago, that showed that NYC pay was roughly 120% of the national average for the same occupation, but that the cost of living in NYC was 209% of the average cost of living!
 
Old Jan 5th 2013 | 5:06 pm
  #23  
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Default Re: Moving to NYC

Originally Posted by Bootle
True 1 bedroom or a junior 4?

Manhattan rentals at the low end may be hard to come by without rental/credit history (US rental and credit history).

RE Tax - Federal income tax is marginal and one thing penguinbar forgot to include was payroll tax which is 6.2%. Your effective tax rate on $75K is about 33%. Even though healthcare is paid for by your employer there will usually be a deduction from your gross pay.
It's a true one bedroom. As Nutmegger mentioned I was correct on the taxes. I agree about the credit history. If that's an issue maybe your employer could be a guarantor. There are many people in NYC that live on salary's a lot less than 75 K.
 
Old Jan 5th 2013 | 5:25 pm
  #24  
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Default Re: Moving to NYC

Originally Posted by penguinbar
.... There are many people in NYC that live on salaries a lot less than 75 K.
No, there are many people in NYC who exist on salaries a lot less than $75k.
 
Old Jan 5th 2013 | 5:26 pm
  #25  
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Default Re: Moving to NYC

Originally Posted by Pulaski
I recall seeing a salary and cost of living survey some years ago, that showed that NYC pay was roughly 120% of the national average for the same occupation, but that the cost of living in NYC was 209% of the average cost of living!
I've CL'd to look at places, don't look at SF if you think NYC is bad. $5,000+ for some 1 beds, with baths older than me + no washer and often no lift, some of the prices make London look cheap
 
Old Jan 6th 2013 | 1:32 pm
  #26  
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Default Re: Moving to NYC

Originally Posted by Pulaski
No, there are many people in NYC who exist on salaries a lot less than $75k.
I totally disagree.
 
Old Jan 6th 2013 | 3:03 pm
  #27  
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Default Re: Moving to NYC

Originally Posted by penguinbar
I totally disagree.
It's possibly easier when one has credit history though. Without it, out going expenses for many things tend to be a lot higher and the appeal of moving half way around the world to be scrimping and saving isn't that great I'd have thought :/
 
Old Jan 7th 2013 | 12:30 am
  #28  
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Default Re: Moving to NYC

Originally Posted by penguinbar
I totally disagree.
That is your prerogative, but if your rent is $2,000 per month and your gross income is only $75k realistically there isn't going to be a whole lot left over to enjoy the good things in life. I have no doubt that you enjoy life in Manhattan, but it is unfair to readers of this forum to suggest that they'll be living the high life on $75k living in Manhattan.
 
Old Jan 7th 2013 | 4:49 am
  #29  
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Default Re: Moving to NYC

I don't know about NYC but just for the USA in general, is always greatly over estimate what things cost. No one will ever give you a straight answer, hidden extras are rife etc and it all adds up. We signed up to Comcast with a special 3month rate but actually couldn't get an answer how much it would cost after 3 months. The man had actually fitted it and still didn't give us the price, we rang. Customer service to no avail until we got a bank statement in the 4th month to find it was over $120 !!!

Good luck with your move

Su
 
Old Jan 7th 2013 | 5:00 am
  #30  
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Default Re: Moving to NYC

Originally Posted by Pulaski
That is your prerogative, but if your rent is $2,000 per month and your gross income is only $75k realistically there isn't going to be a whole lot left over to enjoy the good things in life. I have no doubt that you enjoy life in Manhattan, but it is unfair to readers of this forum to suggest that they'll be living the high life on $75k living in Manhattan.
You have your opinion and I have mine. As a native New Yorker I have helped several people on this forum over the years with their move to NYC. I haven't steered anyone wrong yet.
 


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