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Old 10-17-2013, 06:23 PM
 
33 posts, read 48,779 times
Reputation: 18

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Ok guys things are going great so far on the move but in drawing up a budget and I'm trying to figure out roughly what my take home would be after city state and federal taxes. I'm trying to get a projection for a single person making 70k per year (I suspect I'll make closer to 85 but I don't want to get ahead of myself). I'm claiming 1 exemption.

Thanks for the help I was having trouble finding what I was looking for online.
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Old 10-18-2013, 06:45 AM
 
Location: Manhattan
25,368 posts, read 37,048,523 times
Reputation: 12769
I will guess $40-$45k takehome.
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Old 10-18-2013, 07:43 AM
 
Location: Staten Island, NY
364 posts, read 708,039 times
Reputation: 191
Quote:
Originally Posted by WayneFnR View Post
Ok guys things are going great so far on the move but in drawing up a budget and I'm trying to figure out roughly what my take home would be after city state and federal taxes. I'm trying to get a projection for a single person making 70k per year (I suspect I'll make closer to 85 but I don't want to get ahead of myself). I'm claiming 1 exemption.

Thanks for the help I was having trouble finding what I was looking for online.
Is $70k gross pay or net pay? If it's gross pay, you need to consider the federal tax, NYS tax, NYC tax, social security, disability, (pre-tax deductibles such as 401k and health insurance, if applicable). With that said, my take home is approx. 55% after all the applicable taxes and deductions (401k, health insurance and transitcheks) each paycheck.

Federal & State taxes should be around 28% for $70k income and 33% for $85k income
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Old 10-18-2013, 08:13 AM
 
Location: Forest Hills, New York, NY
290 posts, read 688,342 times
Reputation: 139
Quote:
Originally Posted by WayneFnR View Post
Ok guys things are going great so far on the move but in drawing up a budget and I'm trying to figure out roughly what my take home would be after city state and federal taxes. I'm trying to get a projection for a single person making 70k per year (I suspect I'll make closer to 85 but I don't want to get ahead of myself). I'm claiming 1 exemption.

Thanks for the help I was having trouble finding what I was looking for online.
I'm in your same scenario for tax purposes, make around $75K, and my take home on a bi-weekly basis is just under $2K.
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Old 10-18-2013, 09:24 AM
 
1,319 posts, read 4,247,616 times
Reputation: 822
There is no such as thing as quick question on taxes in America

You need to do a worksheet of your taxes.

Go to NYC gov and punch in your taxable income to find the number
Go to NY State gov and punch in your taxable income to find the number
Go to IRS gov and punch in your taxable income to find the number

Add em up. That'll give you rough idea. It'll take maybe 30min...tops
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Old 10-18-2013, 12:06 PM
 
420 posts, read 804,723 times
Reputation: 444
Quote:
Originally Posted by babo111 View Post
There is no such as thing as quick question on taxes in America

You need to do a worksheet of your taxes.

Go to NYC gov and punch in your taxable income to find the number
Go to NY State gov and punch in your taxable income to find the number
Go to IRS gov and punch in your taxable income to find the number

Add em up. That'll give you rough idea. It'll take maybe 30min...tops
Paycheckcity.com will do all of the above in 20 seconds or less. Use their salary calculator.
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Old 10-18-2013, 02:21 PM
 
1,319 posts, read 4,247,616 times
Reputation: 822
Quote:
Originally Posted by PsychDoc View Post
Paycheckcity.com will do all of the above in 20 seconds or less. Use their salary calculator.
It does NYC income tax as well? That must be a decent calculator then. Most don't include NYC income tax.

Nontheless, its good to know where the breaks are. 30 min spent knowing your taxes better is good time spent in my opinion.
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Old 10-19-2013, 06:27 AM
 
Location: Manhattan
25,368 posts, read 37,048,523 times
Reputation: 12769
Quote:
Originally Posted by PsychDoc View Post
Paycheckcity.com will do all of the above in 20 seconds or less. Use their salary calculator.

That site is a pain in the ass.
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Old 10-19-2013, 05:57 PM
 
33 posts, read 48,779 times
Reputation: 18
thanks for the help
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