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Old 09-19-2009, 12:31 PM
 
57 posts, read 212,973 times
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If I earn $160,000 anually, and am single, how much would I take home after taxes? How do the social security and medicare taxes work? and how do the personal exemptions work?
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Old 09-19-2009, 12:49 PM
 
7,079 posts, read 37,855,765 times
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Look at the calculator at Paycheck city.com. And be sure to check that you live IN NYC.
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Old 09-19-2009, 01:02 PM
 
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You may want to see about making your primary residence PA, you might save lots of money that way. NY's taxes are stupidly high.
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Old 09-21-2009, 08:28 AM
 
Location: New York, NY
18 posts, read 204,607 times
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I'm not sure that work for a number of reasons. From what I understand, state taxes are determined based on where you work. So, even if you lived in a difference state, you'd still owe new york state tax (at least that's the case when you live in NJ or CT). City tax is a little different, if you live outside new york city (and yonkers, I believe), you can avoid the city tax. The easiest option seems to be Jersey City / Hoboken.

As for claiming you reside in PA, I'm not 100% certain, but if you were to get audited, you'd need to substantiate your primary residence. If all your spending happened in NYC, I think the city would recognize that your true primary residence was in NYC itself and hit you with the tax + a fine.

I'm in a similar situation, but also have non-employment related income generated outside of new york - which for whatever reason the city/state believes it deserves a cut of. My plan is to minimize non-employment income the first year, pay city taxes and then see what needs to be done.
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Old 09-21-2009, 03:09 PM
 
105,804 posts, read 107,776,949 times
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bad idea claiming you live in pa... ezee pass , cell phone records and charge cards all give auditors very accurate time frames for where your home state is. pa especially will come gunning for you.... since you pay taxes to where you work and new york is so high , there is nothing left for pa and they arent happy about supporting people who claim they are full time residents and arent..

big issue is auto insurance too. many new yorkers have homes in pa and lie about being residents of pa because insurance is so cheap... its cheap because property damage required is very very low in pa so what happens is a driver is automatically elevated to the minimum level of property damage for the state they have an accident in ... a pa driver pays for 5,000 dollar property damage and is automatically covered up to 50,0000 when in new york i believe... the state of pa picks up that overage... they dont like people who lie about where they live in pa
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