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Old 07-07-2008, 02:32 PM
 
33 posts, read 69,134 times
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Just as the title says, does the increased pay of the NJ area offset the increased taxes NJ residents have to pay? Im wondering if I'd be better off taking a little pay cut when I graduate college and moving to PA or something where I might actually be able to afford to live. If the salary increase doesn't offset the higher cost of living, whats the point of staying here?
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Old 07-07-2008, 02:52 PM
 
Location: Stewartsville, NJ
7,577 posts, read 19,972,926 times
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Quote:
Originally Posted by pete0428 View Post
Just as the title says, does the increased pay of the NJ area offset the increased taxes NJ residents have to pay? Im wondering if I'd be better off taking a little pay cut when I graduate college and moving to PA or something where I might actually be able to afford to live. If the salary increase doesn't offset the higher cost of living, whats the point of staying here?
Yes! You get to write off your taxes so it's all relative. Make more, pay more, write off more : )
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Old 07-07-2008, 07:07 PM
 
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You can't deduct taxes if you qualify for Alternate Minimum Tax, however!
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Old 07-07-2008, 10:39 PM
 
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Depends on how much high it's inflated. NJ isn't exactly seeing an influx of middle income people clamoring to live here.
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Old 07-08-2008, 04:38 AM
 
9,124 posts, read 32,098,244 times
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What "inflated salary"? I'm making more in GA than I would be in NJ in the same position. It's not a given that you're going to be paid more for the same position in NJ than you will elsewhere- some positions will pay more, some less, and some the same. Will any potential increase offset the higher taxes and housing costs? Probably not directly. But it's not all about low taxes and home prices- you've got to make the right decision on where to live based on what's important to you. For my family and me NJ wasn't the right place (and the lower costs are an added bonus)- for others NJ is the only place to live.
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Old 07-08-2008, 04:48 AM
 
Location: OH->FL->NJ
7,734 posts, read 7,254,266 times
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In NJ I find the higher costs (especially housing) are a much worse hit than the taxes.
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Old 07-08-2008, 05:56 AM
 
Location: NJ
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I wish I could make an "inflated salary" living in NJ. I live in NJ and work in Philly so I can make more money.
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Old 07-08-2008, 08:18 AM
 
33 posts, read 69,134 times
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Im an accounting major and in NJ I will start off at 55k, other areas of the country start off as low as 40k or even lower depending on where it is. I think it even drops off the further south you go in jersey. Im staying a year or 2 with the parents to save up for a downpayment, but I gues ill just have to see what oppurtunities I have at that point as far as salary vs cost of living in different areas. I'm assuming that as I move away from Industry(NY, NJ area) the demand for accountants will not be as great, decreasing my income. I understant that it is not always the case, but in my case, with my job, I think location plays a big part in salary. That is what I mean by inflated salary.

And Doc1, are you saying that as I will be "middle income", I'd be better off looking elsewhere?
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Old 07-08-2008, 01:15 PM
 
1,977 posts, read 6,633,744 times
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if you get in with one of the big 4 (or is it big 3 now) in NYC you can basically move to any of their offices anywhere in the country as long as there is a need for someone in the position you hold and keep your NYC salary. Prior to my wife going private we seriously considered doing this. She also looked into moving to another firm and confirmed they have the same policies. You will usually have to get above STAFF level to do that but if your good that should be easy in 2-3 years. Many folk with their Masters and CPA get fast-tracked to manager in 3-5 years (ESPECIALLY if they also have a JD) but you basically have to dedicate your life to the firm.

If you stay in NJ, and move through the ranks at a decent sized firm with your masters and CPA theres no reason you cant hit Supervisor or Manager in 6 years and be well over 100k. Again, you have to be "GOOD", The average accoutning grad will not see these numbers/positions this fast.

FYI, Hedge funds are where the demand is right now. (Shhhhhh)
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Old 07-08-2008, 02:02 PM
 
Location: Nashville, TN
2,866 posts, read 8,280,755 times
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Quote:
Originally Posted by BobKovacs View Post
What "inflated salary"? I'm making more in GA than I would be in NJ in the same position. It's not a given that you're going to be paid more for the same position in NJ than you will elsewhere- some positions will pay more, some less, and some the same. Will any potential increase offset the higher taxes and housing costs? Probably not directly. But it's not all about low taxes and home prices- you've got to make the right decision on where to live based on what's important to you. For my family and me NJ wasn't the right place (and the lower costs are an added bonus)- for others NJ is the only place to live.
BOb, the same with my husband. He is making more here than he ever made in his life. We do pay a high sales tax, but there is no state income tax. There is also no state tax on interest from savings, and for us that would amount to quite a bit.
Our quality of life is also better , because my husbands 2 hours plus commute is now 20-25 min. My daughter is happier here, and we will be complete once my son finds a job here. He decided he wants to be near his family, and Nashville offers his love of music.

Diane G
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