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Researching our cost of living increase if we moved from Atlanta to NYC, and saw something about 40% being the tax rate when everything is taken out? Can anyone enlighten me on this figure?
I think the total "nominal" tax is about 38% when you add it all up( Federal, State,NYC) but I can't imagine that too many people actually pay anywhere near that after deductions.My total is around 18% and I know a lot of people who end up paying a lot less than that.
I think 40% is a reasonable expectation when you consider all taxes on your wages:
Federal, NY State, NY City, Social Security, Medicare, SUI/SDI (unemployment and disability insurance.)
Those just AT the 100,000 mark pay the highest, probably OVER 40% and with increasing wealth the marginal rate goes down. Billionaires, especially those with capital gains and dividend income pay FAR less.
Researching our cost of living increase if we moved from Atlanta to NYC, and saw something about 40% being the tax rate when everything is taken out? Can anyone enlighten me on this figure?
are you going to rent, buy a co-op, etc
none of those details are obligatory but they're helpful
Thanks for the replies!
We'll rent, definitely. I'm a candidate for jobs that pay anywhere from 75-80K at the bottom of the market to maybe $120K at the topside, depending on the sector. So I'm trying to see if that's enough for us (family of 4) to get a decent 2-3 bedroom apartment in Sunnyside or Astoria, and have enough left to actually enjoy NYC, especially for my wife who will stay home with the 2 little ones.
Thanks for the replies!
We'll rent, definitely. I'm a candidate for jobs that pay anywhere from 75-80K at the bottom of the market to maybe $120K at the topside, depending on the sector. So I'm trying to see if that's enough for us (family of 4) to get a decent 2-3 bedroom apartment in Sunnyside or Astoria, and have enough left to actually enjoy NYC, especially for my wife who will stay home with the 2 little ones.
The spread between your low and top potential pay is very wide and is critical to the feasibility of a move to NYC.
75,000 for a newly arriving family of 4 will be very difficult all over and I would say close to impossible in Astoria or Sunnyside.120,000 would make things much more manageable.
On 75,000 you shouldn't spend more than 1,500 mo on rent and that would only get you a 1 br apartment except in The Bronx or South Brooklyn ,where you could probably find a decent 2 br.
I would judge the feasibility of a move more on an offered salary than on the tax rate.75 or 80,I'd say forget it.100 or 120....a different ballgame.
Taxes for individuals or families can get very complicated depending on how you set it up and what you are able to deduct. Hence the movement to revamp our tax system.
Anyway, best is to do a rough ballpark like you have and compare. I also recommend you use one of those online COL calcuators to translate job pay from where you are to NYC. If you want to get bit more serious then pretend it's april and deduct much as you can. Except use NY state and NYC income tax on top of your federal, ss, etc. tax.
But overall, no matter what the math on tax is. If you are pulling 75k a year for family of four is going to be tough here. Unless you have bringing a large lump of cash and don't mind some of it being siphoned off every month for rent. Or to pay for a place for family of four.
Thanks for the tips- looks like I need to be plus $110,000 to maintain standard of living for the move. I'm trying to calculate take-home as close as possible so I know what number my 25% monthly budget for housing is. I appreciate all the detailed dialog on neighborhoods here, it's been really informative over the last few months.
Thanks for the tips- looks like I need to be plus $110,000 to maintain standard of living for the move. I'm trying to calculate take-home as close as possible so I know what number my 25% monthly budget for housing is. I appreciate all the detailed dialog on neighborhoods here, it's been really informative over the last few months.
My last comment is going to be that it's all about living standard and what you as parents are willing to sacrifice. My parents was able to raise me and my sister in Queens and then in Long Island with their meager wages as blue collar first generation immigrants. They sacrificed pretty much everything and me/my sis did miss out on few things like family vacations as we grew up but in return we were able to live here in NYC/Long Island and put our own roots down here. Which I contribute to my current success.
So think about that too. If you think by working and living in NYC will give yourself and your children an edge in long run. May be well worth the sacrifices your family may need to endure.
Good luck.
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