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I had an interview with a corporation in Manhatten and they are asking me what salary do I want. I don't know what salary should I ask for.
I will be relocating from overseas to new york and I have no idea about the expenses, Taxes, Transportation, renting ....etc.
I need to reply with a reasonable salary to live comfortably and save some money.
I will be the only one working in the family, we are 2 adult and one child.
I'm Engineer with almost 10 years of experience.
I would like to know how much amount per month will spend in the following:
1. Food and drinks for (2 Adult and 1 child). (cook at home weekdays and go out weekends).
2. Renting a two bedroom apartment in a good area (safe, decent, not crowded and nice neighborhood) in new york or new jersey.
3. Electricity, Wifi, Phone Bills.
4. Transportation ( Two options: 1. How much per month if I Buy a car with installment plus gas, 2. Use metro).
5. kindergarten in new york and new jersey.
If I miss something extra please let me know.
Also, I have some queries regarding the taxes as follow;
1. Do taxes for the family are less than for a single?
2. If taxes are less for a family, what is the average percentage? and is there any website to calculate for a family.
3. How do they collect the taxes? Will I pay every month certain amount or every year?
I need also some websites for renting places in new york and new jersey.
Based on the answers, I will ask for the Net salary (Take home income).
Your cooperation and help, are Highly appreciated.
Nice neighborhood, living comfortable with a kid, school, keeping a car here, a real 2 bedroom apartment, etc. this will cost you.
It really depends on what you consider a “nice” neighborhood. Most real 2 beds in nice places here with cost you 3000+. If you want some place that is safe but not to expensive in Queens, but having a kid totally changes the game. Unless your willing to sacraifice you need to make big money.
$60,000-80,000 The Bronx, Harlem, Washington Heights, East Harlem etc
$80,000-$105,000 Downtown Brooklyn, Astoria, LIC, Western Queens
$105,000-$180,000 trendy areas in Brooklyn and Queens
$150,000 and up for Manhattan
$75,000 for far areas in Queens
You and wife need combine total $200,000 year to be alright in NYC with kid. Even trendy areas in NJ need at least $80,000-$100,000 for access to Manhattan with good schools
Under $25,000 to get all the benefits, food stamps, free cell, subsidized housing, food banks, etc. or over $200,000 so you can actually afford the city. Anywhere between and you are screwed.
You need to do some research and figure out how much your position usually pays before naming a salary. People's answers to your spending question are going to vary wildly. Last night I spent $55 on three cocktails; some people would tell you that you should have that as your weekly food budget.
If you are paying for a good neighborhood than you should use the free public kindergarten. If you want private school then you can look at cheaper neighborhoods to offset the cost. Private kindergarten ranges from a few thousand to $45,000 a year at St Luke's. A nice two bedroom in a good school district in Manhattan will be $4000-5000 a month. My family spends around $275 a month for 3 cell phones and a tablet, $200 for gas and electric and $150 for premium cable and internet. Garage is $550 a month. 30 day unlimited MetroCard is $121. For a family of 5 I spend about $300 a week on food plus another $250 on dining out (one or two nights ordering in and one nice adult dinner out). Babysitting will be around $15/hr. A decent bottle of wine is $20 in a shop and $60 in a restaurant. A nice espresso drink is $4. I can't tell you what any of these things would cost in a suburb but those are standard prices for my school zone.
$60,000-80,000 The Bronx, Harlem, Washington Heights, East Harlem etc
$80,000-$105,000 Downtown Brooklyn, Astoria, LIC, Western Queens
$105,000-$180,000 trendy areas in Brooklyn and Queens
$150,000 and up for Manhattan
$75,000 for far areas in Queens
You and wife need combine total $200,000 year to be alright in NYC with kid. Even trendy areas in NJ need at least $80,000-$100,000 for access to Manhattan with good schools
Lol @ living with a kid in DT bk and LIC!
You mean for each parent, right? You cannot get a real family friendly 2 bed in either place for that amount. Plus the next level makes no sense. LIC is considered the only trendy area in Queens by many. DT BK is more expensive than Williamsburg, Clinton Hill, and other trendy areas in BK. With 80k and 40 time the rent you might be able to rent out a cut up 2 bed apartment in a townhouse in ft green, Clinton hill, bushwick, Williamsburg, etc.
The housing stock in downtown BK and LIC is mostly fancy high rises.
Sound likes you have good number of years of work experience, but try to search on indeed.com or glassdoor.com to see how much employer usually pay employee for similar job title.
Here is my answer for your question, and it may not be correct (and I like to use higher number, this way you can only be safe than sorry)
1. Food and drinks (2 adults and 1 child)
Range from (800-1500)
2. Two Bedroom rent
Range from (2500-3500)
3. Utility (Eletric, cable, gas, cellphone)
Range from (350-400)
4. Kindergarten
Range from (600-1200)
When you get a paycheck from your employer, all your taxes are withold, meaning some of your money will be hold by your employer as part of the up front payment for taxes, and at the end of the year, whatever you owe or not owe will be either be a payment or a refund. For example, your paycheck before all taxes is $5000, you don't get to keep all that $5000. The payroll deparment will hold city taxes, state taxes, medicare tax, social security tax, federal tax, and for example purpose, let's just say in total all these taxes end up around $1,500 (the number is likely not accurate at all), then you will get a paycheck for $3,500. At the end of the year, you will receive a W2 from your employer, and you have to file your tax return by using that W2. It is your responsibility to pay taxes before the due date, which is usually April 15 of next year. Once you enter all the information to file your tax return, the computer software will tell you how much you are going to get refund from the government or how much you owe to the government that you still need to pay.
Keep in mind, you usually get 2 paycheck every month, usually employer pay every 2 weeks, so maybe in some month you might get 3 paycheck instead of 2. That's the general rule. Of course, there are employer who only give paycheck once a month, or maybe paycheck every week.
There's a lot of aspect and planning as to how you want to keep a good budget for yourself and your family. Especially when you are the only one working in the family, is not going to be easy. On top of that, it sounds like you want to have a decent lifestyle, and that requires a lot of money, especially in Manhattan area. You may want to consider how to save up using various method, such as shopping in bulk by going to wholesale distributor like BJs or Costco, and definitely Walmart for online purchase.
One answer but, the reasons for it in NYC are legion. It is many. It is one.
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