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I'm in negotiations with an Institute to start a post-doctoral position there, and their normal pay is approximately $40,000 annually for someone in my position. I've been trying to figure out how much tax I'll need to pay and based on an online tool I have found it appears that my take home pay is going to be around $2500, which seems very low especially for New York City.
I'm single, female, and I've not yet decided where I will live (or where I can actually afford to live).
I'd like to know if anyone out there could tell me whether this calculation is correct (break downs etc.), and if there are any tax reduction programmes available for people with a PhD degree who will be employed first time by a US research institute?
Also, is it actually possible to survive on $2500 a month in NY?
Also, is it actually possible to survive on $2500 a month in NY?
Yes. I've lived on my own at 40k a year for some time but I had no debt of any kind. It is not easy nor fun and you need to have solid budget and be frugal. Also lower your expectations...a lot in many areas. Biggest expensive is housing and you will need to sacrifice a lot to stay close to city or have a longer commute for better place to live further out... Most importantly, need to have a solid goal because you can't be stuck living off 40k a year beyond few (2-4 years) so you need to have a good plan on how you can move up in your career/business or move out of the region.
You'll need to live in Queens and quite likely with roommates to share expenses. You can do it and have a social life, but you'll never be taking cabs or eating out at sit down restaurants very often at all. Since your young, I think you'll have fun--its only if you hit your 40's and you are still making that amount that life gets hard.
You can live here on 40K/year. Find a cheap studio in Brooklyn/Queens and you'll be fine. Not sure where you'll be working but regardless you should be able to find something. You might be pulling in a little under $2500/month though. At my last job, my co-worker made between 40K-44K and managed to snag a studio in Park Slope. She always had money to pay her bills and go out. People find it so hard to believe but I think some people are just not that great with money. You're not going to save a ton but she always put a few hundred away every month.
Don't forget to look to NJ too. There are tradeoffs for living in NJ vs. NYC. Notable positives for living in NJ is that you don't pay NYC income tax, NY and NJ state tax pretty much cancel each other out (you pay one state, get credit in the other), and you get more space for your dollar, not a whole lot more but certainly more in comparative areas.
Negatives is that...you live in NJ, half sarcasm and half serious here and your commute will likely be longer unless you live in towns right by the border or have Path access. However these towns are typically more expensive.
Thanks for all the responses guys, I feel a lot more positive now
I'll potentially be working in Upper East Side (Weill Cornell), which I know is going to be super expensive and way out of my price range, and I'd really prefer to find a studio (not keen on moving to a new country and living with strangers who might turn out to be horrible flatmates...), so I'm definitely not planning to find something in Manhattan. I'm not keen on NJ either as I feel it'll be too complicated!
I might be able to negotiate for a higher salary (highly unlikely, even though technically I'll be taking a pay cut of more than 30% to be there), but for now it's likely to be bang on 40k per year.
Can someone please tell me how the health system works in the US? And what extra outgoings will there be apart from tax? I saw this thing called '401k', what is it...?
I know a few post-docs at Weill Cornell and they were able to get subsidized housing in apartments owned by Weill Cornell on Roosevelt Island. But, to be honest, my advice would be not to move to NYC if you have to take that kind of a pay cut. There are other nice cities and institutes, too.
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That's what many women have done in the city.
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and your commute will likely be longer unless you live in towns right by the border or have Path access. However these towns are typically more expensive.
