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We may be moving to New York in the near future for a foreign assignment that will last a maximum of 2 years. I have never been there or lived anywhere in the States before and I am trying to get a grip on taxes.
Say I earn 75,000, am married with one child (under school age) and rent in the New York area.
What will my total take-home income be after all taxes have been paid?
There are too many factors for anyone to give you a number. Deductions, credits, claims, whether you live in NYC or outside (like NJ) etc.
Assuming you will live in NYC, there is the following: federal, state, and city taxes. There there is Social Security tax and Medicare tax, and other items (401k, shared cost of benefits, etc).
Not even an average? What's a 401k, what's a federal credit, what are common deductions etc? Seriously we have no idea about this stuff as we are foreign, so anything would help.
Not even an average? What's a 401k, what's a federal credit, what are common deductions etc? Seriously we have no idea about this stuff as we are foreign, so anything would help.
I'm trying to work out a realistic rental budget.
Thanks
Rental budget = 40x your income at a minimum. Meaning at $75k, you should look for apartments $1,875 or less.
Many people have asked about this and taxes on this site.
That is ridiculous. Taxes are not 45% for someone making $75,000 with a child. I lived in NYC from 1995-2010. When I was single and made much less, my taxes were 20%. As I made more money, closer to $70,000 my taxes were about 33% (this includes all of the misc. taxes for a U.S. citizen living in the city). Because you have a child, and if you are the head of the household (meaning your spouse is not working), you will pay less in taxes. I would estimate, that a safe guess would be 25 - 30% (this does not include healthcare, and I don't know if as a foreign citizen if you would have to pay social security or not, but the 25 - 30% includes s.s.) Transportation there is inexpensive and you do not need a car (flat rate for unlimited subway which is a deal!) Water and garbage pick-up is included in rent (electricity is highest cost, but not bad) . If you get a year-end bonus, expect 45% to be taken away. Where they get you in NYC is in the broker's fee for renting (approximately first month's rent and more - between 8 - 12% of your annual rent - which you never will see again!) But hopefully your company will pay for this. Childcare is extremely expensive and why I moved out of the city. Figure out childcare details as soon as possible - there is limited space in the city and it is a big problem that is why it is so expensive). Always better to go more conservative with rent when looking, but live in a safe place. One of the biggest mistakes people make when first moving to the city is paying too much for rent. Good luck, it's a great city!
Last edited by JulyLight7; 10-02-2013 at 10:55 AM..
That is ridiculous. Taxes are not 45% for someone making $75,000 with a child.
That's not true, 40-45% is a pretty fair expectation of what effective taxes you will need to pay in NYC. This includes Federal, State, City, Medicare, & Social Security taxes.
But to the OP's question, you have to also understand the tax treaty, if any any, that your country has with the United States. That, with your legal status, will play a role in what taxes you pay and/or deduct and to whom
Assuming that one gets paid weekly that amounts to 865 a week after taxes.
Using the 30% rule, you telling me the ideal amount to spend on rent is $1038 for a person making 75K a year? That's ridiculous. Taxes are not that high.
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i will ball pack 52-55k take home out of 75k with standard deductions and 1 dependant figuring only federal,state and city..
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