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I have been following this forum as a visitor for a while now. I am a 23 yeras student who is about to graduate in a few weeks. I have an offer from a management consultign firm in NYC which pays me $60K for an entry level analyst position. Apart of that I will be paid $10K sign on, overtime (As its consulting), and performance bonus of around 10 to 20% of my baes salary annually. I have another offer from Texas for $71K base and better benefits and perks. I know that the difference is huge based on both location and salary, but the employer in NYC is providing me the work which I actually want to pursue for long term. Here are my questions
1. Being a single recent graduate, will I be able to survive if I live in NJ and work in NYC with this salary?
2. What areas of NJ should I consider if I am planning to rent a studio / 1B apartment exclusively to myself.
3. I will not be buying car initially, so it will be great if you guys can suggest me the areas which have good transportation to NYC. MY office is located on 43rd street avenues of americas.
4. Finally, am I taking a wise decision ? Or should I stay back in Texas where I can get luxurious life with 71K base; no doubt, leaving my long term dream/goal behind.
I have been following this forum as a visitor for a while now. I am a 23 yeras student who is about to graduate in a few weeks. I have an offer from a management consultign firm in NYC which pays me $60K for an entry level analyst position. Apart of that I will be paid $10K sign on, overtime (As its consulting), and performance bonus of around 10 to 20% of my baes salary annually. I have another offer from Texas for $71K base and better benefits and perks. I know that the difference is huge based on both location and salary, but the employer in NYC is providing me the work which I actually want to pursue for long term. Here are my questions
1. Being a single recent graduate, will I be able to survive if I live in NJ and work in NYC with this salary?
2. What areas of NJ should I consider if I am planning to rent a studio / 1B apartment exclusively to myself.
3. I will not be buying car initially, so it will be great if you guys can suggest me the areas which have good transportation to NYC. MY office is located on 43rd street avenues of americas.
4. Finally, am I taking a wise decision ? Or should I stay back in Texas where I can get luxurious life with 71K base; no doubt, leaving my long term dream/goal behind.
Thanks
the time to take your shot is when you're young, if you don't try it now you may have long term regrets.
you should focus on hoboken and the towns north of there along the river like edgewater all the way up to ft lee, or a place near the light rail line which will connect you to the PATH or ferries to NYC
4. Finally, am I taking a wise decision ? Or should I stay back in Texas where I can get luxurious life with 71K base; no doubt, leaving my long term dream/goal behind.
Thanks
To me, this is the only part of the question that matters. If you think, as it appears you do, that you need to come to NY to pursue the long term dream, and that staying in TX would mean giving up that dream, then you have to move here. You'll find a place to live, you'll figure ot the commute, you'll learn whatever you need to know. Will it be tough for a while? Maybe. Isn't that better then looking back in 20 years & thinking, "Damn, I really wish I had gone to NY like I wanted"?
As to a place to live, try Hoboken, Jersey City, Weehawken. All very close to NYC, very commutable with public transportation, and easy access to whatever a young guy could want. Hoboken in particular is spectacularly well suited to young singles working in NYC.
Thanks all of you for your prompt replies and encouraging words. I am willing to spend not more than $1000 on rent. Will I be able to rent a studio/apt for that much in Hoboken / Jersey city? Also, to which state will I be paying income tax ? I also came to know that there is citi income tax in NYC. If I am not living in NYC, am I still required to pay NYC income tax?
Thanks all of you for your prompt replies and encouraging words. I am willing to spend not more than $1000 on rent. Will I be able to rent a studio/apt for that much in Hoboken / Jersey city? Also, to which state will I be paying income tax ? I also came to know that there is citi income tax in NYC. If I am not living in NYC, am I still required to pay NYC income tax?
Thank you once again.
I can't tell you a whole lot about Hoboken/JC, from what I understand though, you'll probably be paying at least 1k. Someone else here can help you more in that department.
If you're living in NJ, and working in NYC, you pay taxes to both states (unless it's changed).
If you're living in NJ, and working in NYC, you pay taxes to both states (unless it's changed).
I did this for a dozen years, and my wife still does.
You have to pay the NYC non resident earnings tax. But then you write off that tax on the NJ filing, getting credit for it, so you don't pay it again in NJ.
I did this for a dozen years, and my wife still does.
You have to pay the NYC non resident earnings tax. But then you write off that tax on the NJ filing, getting credit for it, so you don't pay it again in NJ.
So what I understand is that at the end of the day, I will be only paying Federal, FICA, Medicare and NY state tax? is that right?
No.
You still pay NJ taxes, but you get credit for what you already paid to NYC. There might still be a tax bill due to NJ.
That's as detailed as I get regarding taxes. If you like, I can provide contact info for a couple of good NJ tax accountants.
Thank you for the information, Bill. I would let you know if I require such contact information in future.
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