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I just landed a job in Manhattan on 46th and 11th ave. I'd like to save money by living in New Jersey. Any idea where an affordable place would be that's near public transportation which would get me across the river and close to my job in Manhattan. I'd like to have a commute that is less than 30 min. Maybe a train or bus that crosses the river and drops me right near my place of work.
Also, do I need to be concerned about double taxation if I am working in Manhattan but living in NJ?
I just landed a job in Manhattan on 46th and 11th ave. I'd like to save money by living in New Jersey. Any idea where an affordable place would be that's near public transportation which would get me across the river and close to my job in Manhattan. I'd like to have a commute that is less than 30 min. Maybe a train or bus that crosses the river and drops me right near my place of work.
Also, do I need to be concerned about double taxation if I am working in Manhattan but living in NJ?
Thank you.
Yes you will be double taxed and the Lincoln tunnel comes in right around there, I personally love Hoboken, so you could come in through the holland and then shoot up the west side highway.
Hudson County would be your best best, and really the only options to get you in under 30 minutes. Hoboken and downtown Jersey City are the easiest and most desirable options of that area. You could take the Lincoln Tunnel if you were driving. If you were taking the train you take the PATH, which lets you off at 33rd street, so it'd be a little bit of a walk.
There are several other options if you were willing to extend your commute to 45 minutes or so - Bergen County, Essex County, Middlesex County. But Hudson is the most convenient, if that's your top priority.
NY State income tax is higher than NJ State income tax, so the credit for paying NY cancels out what you would have had to pay as a Jersey resident. You still have to file a return in Jersey, though.
Weehawken or Rutherford perhaps. Union City if cost is more of an issue. 46 and 11th isn't too close to the PATH (33rd & 6th), so your best bet would likely be near a bus to Port Authority at 8th and 42nd. Note that NJ is only "affordable" relative to Manhattan.
Yes you will be double taxed and the Lincoln tunnel comes in right around there, I personally love Hoboken, so you could come in through the holland and then shoot up the west side highway.
The bolded is strictly incorrect information. You will not be double-taxed.
New York and New Jersey have a tax-sharing arrangement. When your taxes are withheld on your paycheck in New York, they will withhold New York state taxes. However, when you file your tax returns, you will receive a large refund from New York, and you will pay a significant sum to New Jersey. The two amounts are virtually equal. In the end, you will end up paying a small amount of tax to New York and a larger amount to New Jersey (but less than the full amount if you worked in New Jersey). From a state income tax perspective, living in New Jersey vs. the suburbs in New York state (e.g., Westchester, Nassau, Rockland) is all but identical.
Notably, if you do not live in New York City (whether you live in NJ or in suburban NY), you will not pay New York City income tax, regardless of the fact that your income is earned in NYC.
As for town recommendations, it's hard to know what you are looking for--do you want a suburban lifestyle, or city living in NJ? Jersey City and Hoboken are the typical recommendations for urban living (and have by far the shortest commutes in NJ), but I would not recommend them if you want a large house with a yard and have children who will be attending public schools.
The bolded is strictly incorrect information. You will not be double-taxed.
New York and New Jersey have a tax-sharing arrangement. When your taxes are withheld on your paycheck in New York, they will withhold New York state taxes. However, when you file your tax returns, you will receive a large refund from New York, and you will pay a significant sum to New Jersey. The two amounts are virtually equal. In the end, you will end up paying a small amount of tax to New York and a larger amount to New Jersey (but less than the full amount if you worked in New Jersey). From a state income tax perspective, living in New Jersey vs. the suburbs in New York state (e.g., Westchester, Nassau, Rockland) is all but identical.
Notably, if you do not live in New York City (whether you live in NJ or in suburban NY), you will not pay New York City income tax, regardless of the fact that your income is earned in NYC.
As for town recommendations, it's hard to know what you are looking for--do you want a suburban lifestyle, or city living in NJ? Jersey City and Hoboken are the typical recommendations for urban living (and have by far the shortest commutes in NJ), but I would not recommend them if you want a large house with a yard and have children who will be attending public schools.
No, that is not correct. I lived in New Jersey and worked in Manhattan for more than thirty years, so listen to me, please.
NY taxes will be withheld from your paycheck. No NJ taxes will be withheld.
You will file a New York Non-Resident State income tax form. You will either owe or get a refund as you would with ANY tax income form depending upon whether or not enough was withheld.
You will ALSO file a New Jersey income tax form. You will fill out all the boxes, and near the end you will come to a section called "Credit for Taxes Paid to Other Jurisdictions." You will fill out that area with the numbers from your New York State income tax form. The taxes for New York will exceed the taxes you owe in NJ, and NJ will be zeroed out. You still have to file the form, but you will neither get a refund nor owe any taxes.
My office moved to NJ two years ago. It put more than two thousand dollars back in my take-home pay for the year. Alas, next year we move back to the city.
Tst, if you have a problem, it's the far west side location of your job. All the major commuting portals are a decent walk from there. Be that as it may, you can do pretty well.
There is a minibus system that runs along various routes though Weehawken, West New York, and further north, that drops off at a lot right across 42nd Street from the Port Authority Bus Terminal. Any apartment convenient to those lines will get you to the PABT in a half hour or less.
There are also lots of places in NJ that are convenient to PATH, but that only goes as far north at 33rd St, and leaves you on 6th Ave.
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