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Old 07-11-2015, 10:10 AM
 
Location: New Jersey
550 posts, read 1,183,130 times
Reputation: 535

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Hi all,

I am in a bit of a bind and cannot make up my mind. I must accept the offer by end of the week or lose it! I live in jersey city and work here too but I have been offered a job at NYC downtown and if I take PATH train it is about a 30min commute (45 min to be safe) It is just one train out of JSQ and walking of 10min

The salary offered is 20k more than what I make in JC but when I do paycheck online salary it is only showing about a $300 increase per check due to NY taxes and witholding it seems even medicare is higher? my question is should I not be selecting NY state for withholding if i still reside in NJ?

I need some words of wisdom!

Thank you

Sonority
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Old 07-11-2015, 10:22 AM
 
1,069 posts, read 1,249,982 times
Reputation: 989
NY tax is probably slightly higher, and you should select NYS for withholding. You will technically need to file returns in both NYS and NJ, but the NYS tax is generally higher and counts as a credit against NJ tax.
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Old 07-11-2015, 10:28 AM
 
Location: NJ
31,771 posts, read 40,533,504 times
Reputation: 24590
don't do it!
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Old 07-11-2015, 10:28 AM
 
Location: New Jersey
550 posts, read 1,183,130 times
Reputation: 535
Quote:
Originally Posted by vfrex View Post
NY tax is probably slightly higher, and you should select NYS for withholding. You will technically need to file returns in both NYS and NJ, but the NYS tax is generally higher and counts as a credit against NJ tax.
When I factor in the 20k increase it does not make sense to jump ship if taxes and commuting there will pretty much eat up savings?
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Old 07-11-2015, 11:12 AM
 
2,160 posts, read 4,948,159 times
Reputation: 5527
If you live in Jersey City, I'm assuming you can walk to the PATH (i.e., you don't have to pay extra for parking). That means your commute cost will be $1008 per year: 40-trip SmartLink card (1-month worth of commutes) is $84; so, $84 x 12 months = $1,008.

That's peanuts as far as commuting costs go.

I know commuting into the city would take more effort than what you are doing now, but really not that much more effort. Your commute would still be cake, compared to most other people's. One PATH train, no subways, 30-minutes (45 minutes max, for extraordinary circumstances)? I'M JEALOUS. The only people who have it better are the ones that can work from home, or live down the street from the office.

Am I missing something here? A $20K raise is pretty significant. (Again, I'M JEALOUS.) Why WOULDN'T you do it (especially considering the above)?

I don't know how a $20k raise only amounts to $300 more per paycheck after taxes (assuming normal biweekly paycheck, a total of $7,800 more per year), but even if that is, in fact, true, you'd still be pocketing an extra $6,800 after the commute costs, so it's still worth it in my opinion. (But I really think you'd be making more than $300 more per paycheck).

In addition, I don't know how old you are, or if you've worked in the city before, but I really think it's a valuable life experience, and a good career/resume/salary booster.

The average merit raise is 5%. When was the last time you got a merit raise at your current company, and do you expect one in the near future? How much would a 5% raise amount to? Unless you are currently making ~$135k per annum, it won't amount to $6,800 more per year. (But again, I think a $20K raise would amount to more than $6,800 more per year, even after taxes & commute costs.)

Am I totally off base here? I'm not a finance expert. I think there might be a couple of those here on this forum, so please educate us if I am wrong here.
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Old 07-11-2015, 11:31 AM
 
Location: New Jersey
550 posts, read 1,183,130 times
Reputation: 535
Quote:
Originally Posted by Docendo discimus View Post
If you live in Jersey City, I'm assuming you can walk to the PATH (i.e., you don't have to pay extra for parking). That means your commute cost will be $1008 per year: 40-trip SmartLink card (1-month worth of commutes) is $84; so, $84 x 12 months = $1,008.

That's peanuts as far as commuting costs go.

I know commuting into the city would take more effort than what you are doing now, but really not that much more effort. Your commute would still be cake, compared to most other people's. One PATH train, no subways, 30-minutes (45 minutes max, for extraordinary circumstances)? I'M JEALOUS. The only people who have it better are the ones that can work from home, or live down the street from the office.

Am I missing something here? A $20K raise is pretty significant. (Again, I'M JEALOUS.) Why WOULDN'T you do it (especially considering the above)?

I don't know how a $20k raise only amounts to $300 more per paycheck after taxes (assuming normal biweekly paycheck, a total of $7,800 more per year), but even if that is, in fact, true, you'd still be pocketing an extra $6,800 after the commute costs, so it's still worth it in my opinion. (But I really think you'd be making more than $300 more per paycheck).

In addition, I don't know how old you are, or if you've worked in the city before, but I really think it's a valuable life experience, and a good career/resume/salary booster.

The average merit raise is 5%. When was the last time you got a merit raise at your current company, and do you expect one in the near future? How much would a 5% raise amount to? Unless you are currently making ~$135k per annum, it won't amount to $6,800 more per year. (But again, I think a $20K raise would amount to more than $6,800 more per year, even after taxes & commute costs.)

Am I totally off base here? I'm not a finance expert. I think there might be a couple of those here on this forum, so please educate us if I am wrong here.
I am 28 and never worked in the city before, I dont know how to navigate it much and actually is the reason why I am triple thinking this - I have been there and was very happy with energy and hustle-bustle but aside from that I have not gone there much.
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Old 07-11-2015, 12:07 PM
 
2,160 posts, read 4,948,159 times
Reputation: 5527
Quote:
Originally Posted by SonorityGenius View Post
I am 28 and never worked in the city before, I dont know how to navigate it much and actually is the reason why I am triple thinking this - I have been there and was very happy with energy and hustle-bustle but aside from that I have not gone there much.
My opinion: GRAB THE OPPORTUNITY. (Especially for a $20k raise.)

I remember my first job in the city when I was in my 20s. I was nervous about it too, even though I have lived in North Jersey all of my life, and had been to the city PLENTY of times as a kid and a teen. I have a good sense of why you are hesitating. Yeah, there's gonna be a period of adjustment. It'll make you grow, toughen you up, and it will broaden your horizons. I know that sounds hokey, but it's true. There really is nothing else like it in the world. You know what the song says...if you can make it there, you can make it anywhere.

There are hundreds of thousands of other 28 year olds (and 22 year olds, 38 year olds, and 48 year-olds) having their first NYC job experience on all the public transportation and on all the streets of Manhattan (whether from NJ or Long Island or from a corn field in Kansas). So don't sweat that part. You'll get over that pretty quickly and will be navigating it like a pro before you know it, and pretty soon, you'll be completely blase about it.
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Old 07-11-2015, 01:15 PM
 
264 posts, read 603,774 times
Reputation: 112
By local standards, 30 minutes is a great commute. Is the move right for you career wise, think about the company and your role. 20k is a good jump based on which you could negotiate the next one. What are your prospects of a raise where you work? Think about all of these.
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Old 07-12-2015, 10:44 AM
 
Location: Greater NYC, USA
2,761 posts, read 3,413,480 times
Reputation: 1737
A position in NYC has to pay 15-20k more a year to be comparable to NJ. So it's really how you feel about it.

Right now I work in NJ, 12 min drive from home. I know I need NYC to offer 15-20k more and it is reasonably possible, but I am to comfortable right now to look for another job.
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Old 07-12-2015, 10:48 AM
 
7,846 posts, read 6,378,383 times
Reputation: 4025
Quote:
Originally Posted by DPolo View Post
A position in NYC has to pay 15-20k more a year to be comparable to NJ. So it's really how you feel about it.

Right now I work in NJ, 12 min drive from home. I know I need NYC to offer 15-20k more and it is reasonably possible, but I am to comfortable right now to look for another job.
False.

You didn't read the OP. If he lives in the same place, the only difference is the commuting costs.

OP, take the job. It is a no brainer. It's $20K more. That's more towards your retirement and SS when you get older. As for taxes, I don't think you owe NYC because you are not a resident.
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