NYC entry salary after taxes

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Anonymous User
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NYC entry salary after taxes

Postby Anonymous User » Wed Sep 29, 2010 1:03 am

Hi guys, a simple question. I'm currently weighing my options of starting off a legal career in the US and remaining in Europe on the other hand. Obviously one decisive aspect is comparing salary. I have no real knowledge of all the city/state/federal taxes and all other deductions and couldnt find a good online calculator either.
What's basically left, each month, from the 160K salary? Are we talking somewhere around 6.000? How do bonuses fit into this? How commonly are these paid out in the first year and do they fall under any taxation/deduction exemptions?

Thanks a lot!

hlsjd12
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Re: NYC entry salary after taxes

Postby hlsjd12 » Wed Sep 29, 2010 1:06 am

Around a 100k, when you factor in loans that falls to 85k when you factor in NYC rent thats 65k , next is the 401k which is another 10k so you'll probably have 50k-60k in "free" money, many people will dispute this but I know people in BIGLAW who state this is the case.

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Kohinoor
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Re: NYC entry salary after taxes

Postby Kohinoor » Wed Sep 29, 2010 1:12 am

Anonymous User wrote:Around a 100-110k, when you factor in loans that falls to 85k when you factor in NYC rent thats 65k , next is the 401k which is another 10k so you'll probably have 50k-60k in "free" money, many people will dispute this but I know people in BIGLAW who state this is the case.

hlsjd12
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Re: NYC entry salary after taxes

Postby hlsjd12 » Wed Sep 29, 2010 1:26 am

Kohinoor wrote:
Anonymous User wrote:Around a 100-110k, when you factor in loans that falls to 85k when you factor in NYC rent thats 65k , next is the 401k which is another 10k so you'll probably have 50k-60k in "free" money, many people will dispute this but I know people in BIGLAW who state this is the case.


Its called cost-of-living Kermit 160k does not go as far in NY as it would in other places, he was asking a cost-of-living question.

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bwv812
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Re: NYC entry salary after taxes

Postby bwv812 » Wed Sep 29, 2010 1:28 am

.
Last edited by bwv812 on Fri Nov 26, 2010 5:21 pm, edited 1 time in total.

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RVP11
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Re: NYC entry salary after taxes

Postby RVP11 » Wed Sep 29, 2010 1:28 am

hlsjd12 wrote:he was asking a cost-of-living question.


And what makes you think that? The title says TAXES.

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Kohinoor
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Re: NYC entry salary after taxes

Postby Kohinoor » Wed Sep 29, 2010 1:29 am

hlsjd12 wrote:
Kohinoor wrote:
Anonymous User wrote:Around a 100-110k, when you factor in loans that falls to 85k when you factor in NYC rent thats 65k , next is the 401k which is another 10k so you'll probably have 50k-60k in "free" money, many people will dispute this but I know people in BIGLAW who state this is the case.


Its called cost-of-living Kermit 160k does not go as far in NY as it would in other places, he was asking a cost-of-living question.

1. His questions actually did seem more tailored towards tax concerns.
2. I assumed so anyway and struck it out because of how speculative it is. None of those expenses are fixed or necessary.

Anonymous User
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Re: NYC entry salary after taxes

Postby Anonymous User » Wed Sep 29, 2010 1:34 am

Thanks a lot everyone. Yes, taxes are the main concern but any additional information is helpful. I just spent a year in NYC as an LLM and thus have a somewhat realistic view on living expenses. Thankfully, I dont have 3 but only one year of law school to repay...

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MrKappus
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Re: NYC entry salary after taxes

Postby MrKappus » Wed Sep 29, 2010 1:39 am

@Anonymous [2nd poster]: LOL re: $1666.67/month projected rent. Maybe in parts of Brooklyn. Or Queens.

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Re: NYC entry salary after taxes

Postby Anonymous User » Wed Sep 29, 2010 1:43 am

bwv812 wrote:
Anonymous User wrote:Hi guys, a simple question. I'm currently weighing my options of starting off a legal career in the US and remaining in Europe on the other hand. Obviously one decisive aspect is comparing salary. I have no real knowledge of all the city/state/federal taxes and all other deductions and couldnt find a good online calculator either.
What's basically left, each month, from the 160K salary? Are we talking somewhere around 6.000? How do bonuses fit into this? How commonly are these paid out in the first year and do they fall under any taxation/deduction exemptions?

Thanks a lot!

I think the #1 consideration should be your chances of actually making a biglaw salary.


it has been, believe me. looks fairly good now.

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rayiner
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Re: NYC entry salary after taxes

Postby rayiner » Wed Sep 29, 2010 1:44 am

$95k after ridiculous and exorbitant NY state and city taxes.

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Kohinoor
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Re: NYC entry salary after taxes

Postby Kohinoor » Wed Sep 29, 2010 1:47 am

MrKappus wrote:@Anonymous [2nd poster]: LOL re: $1666.67/month projected rent. Maybe in parts of Brooklyn. Or Queens.

Knew a biglaw dood who commuted in from Flushing and another who came in from Connecticut. No real reason to stay in Manhattan.

bigben
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Re: NYC entry salary after taxes

Postby bigben » Wed Sep 29, 2010 1:55 am

160k in Austin = 167k in Chicago = 250k in NYC = 310k in SF

http://www.bestplaces.net/col/

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MrKappus
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Re: NYC entry salary after taxes

Postby MrKappus » Wed Sep 29, 2010 1:55 am

Kohinoor wrote:
MrKappus wrote:@Anonymous [2nd poster]: LOL re: $1666.67/month projected rent. Maybe in parts of Brooklyn. Or Queens.

Knew a biglaw dood who commuted in from Flushing and another who came in from Connecticut. No real reason to stay in Manhattan.


Maybe for an SA job, I'd agree w/ you. But I think to do that as a junior is to be penny-wise/pound-foolish. Speaking from personal experience, commutes take it out of you, and burning the candle on both ends isn't a good plan, especially ITE when you're trying to make a good first impression. Who has an advantage, the associate who can stay until midnight, then be home and in bed by 1:00, or the one who stays till midnight and can be at home/in bed by 2:00 (and has to be up an hour earlier too)?
Last edited by MrKappus on Wed Sep 29, 2010 1:56 am, edited 1 time in total.

bigben
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Re: NYC entry salary after taxes

Postby bigben » Wed Sep 29, 2010 1:55 am

Kohinoor wrote:
MrKappus wrote:@Anonymous [2nd poster]: LOL re: $1666.67/month projected rent. Maybe in parts of Brooklyn. Or Queens.

Knew a biglaw dood who commuted in from Flushing and another who came in from Connecticut. No real reason to stay in Manhattan.

And they slept an average of 4 hours per night.

Tacitus
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Re: NYC entry salary after taxes

Postby Tacitus » Wed Sep 29, 2010 1:57 am

--LinkRemoved--

If you're single, and you have one exemption for both your federal 1040 and your NY taxes, it would break down as such:

Gross: 160,000
Less Fed W/H: (36,913)
Less SS: (6,622)
Less M/C: (2,320)
Less NY W/H: (10,751)
Less NYC W/H: (5,901)
Less NYC SDI: (32)
Net Annual Pay: 97,462

***Assuming tax rates don't change

HTH

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Kohinoor
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Re: NYC entry salary after taxes

Postby Kohinoor » Wed Sep 29, 2010 2:02 am

MrKappus wrote:
Kohinoor wrote:
MrKappus wrote:@Anonymous [2nd poster]: LOL re: $1666.67/month projected rent. Maybe in parts of Brooklyn. Or Queens.

Knew a biglaw dood who commuted in from Flushing and another who came in from Connecticut. No real reason to stay in Manhattan.


Maybe for an SA job, I'd agree w/ you. But I think to do that as a junior is to be penny-wise/pound-foolish. Speaking from personal experience, commutes take it out of you, and burning the candle on both ends isn't a good plan, especially ITE when you're trying to make a good first impression. Who has an advantage, the associate who can stay until midnight, then be home and in bed by 1:00, or the one who stays till midnight and can be at home/in bed by 2:00 (and has to be up an hour earlier too)?

If those times were right, you'd have a point, but its closer to a comparison of 15 minutes versus 30 minutes. You also fail to take into account that the guy gets to go to a pretty baller house in Flushing while his alter ego is crawling into a shoebox.

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Kohinoor
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Re: NYC entry salary after taxes

Postby Kohinoor » Wed Sep 29, 2010 2:03 am

bigben wrote:
Kohinoor wrote:
MrKappus wrote:@Anonymous [2nd poster]: LOL re: $1666.67/month projected rent. Maybe in parts of Brooklyn. Or Queens.

Knew a biglaw dood who commuted in from Flushing and another who came in from Connecticut. No real reason to stay in Manhattan.

And they slept an average of 4 hours per night.

mais non

Tacitus
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Re: NYC entry salary after taxes

Postby Tacitus » Wed Sep 29, 2010 2:05 am

bigben wrote:160k in Austin = 167k in Chicago = 250k in NYC = 310k in SF

http://www.bestplaces.net/col/


Cost of living doesn't necessarily equate to quality of living. I could easily have lived in Dallas and made $160,000/year, but then I'm in freaking Dallas. I love the ocean. I love being able to wake up and go surf before work. I don't want to live somewhere where the best thing you can say about the place is: "Great food. Good pay. You get to have a big car and a big house, and you'll commute everywhere on well-maintained freeways (okay, the 183, not so much, but I-35, the DNT, et al are pretty good) Love Field is 15 minutes away from Downtown, and DFW is 45." Sure, it's great to have cash saved up to go vacationing wherever you want, but I'd rather work somewhere that I'm happy rather than endlessly anticipating the 3 glorious weeks I get to escape each year.

You could quote those COL websites until you turn blue as far as I'm concerned. While you do, I'll be out surfing 8)

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MrKappus
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Re: NYC entry salary after taxes

Postby MrKappus » Wed Sep 29, 2010 2:08 am

Kohinoor wrote:
MrKappus wrote:
Kohinoor wrote:
MrKappus wrote:@Anonymous [2nd poster]: LOL re: $1666.67/month projected rent. Maybe in parts of Brooklyn. Or Queens.

Knew a biglaw dood who commuted in from Flushing and another who came in from Connecticut. No real reason to stay in Manhattan.


Maybe for an SA job, I'd agree w/ you. But I think to do that as a junior is to be penny-wise/pound-foolish. Speaking from personal experience, commutes take it out of you, and burning the candle on both ends isn't a good plan, especially ITE when you're trying to make a good first impression. Who has an advantage, the associate who can stay until midnight, then be home and in bed by 1:00, or the one who stays till midnight and can be at home/in bed by 2:00 (and has to be up an hour earlier too)?

If those times were right, you'd have a point, but its closer to a comparison of 15 minutes versus 30 minutes. You also fail to take into account that the guy gets to go to a pretty baller house in Flushing while his alter ego is crawling into a shoebox.


You're a really helpful poster usually, and I respect your take on things...but the 15 mins/30 mins distinction is completely and hilariously inaccurate (even for Flushing). If you live in the part of town where you work, you can be home in less than 10 minutes. If you live in Flushing, you're going to spend 30 minutes getting home in a cab, and more than an hour getting to work each AM on the train. And that's not even touching your CT reference (which would mean an hour car-ride w/o traffic, and a 1 to 2-hour commute each morning).

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underdawg
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Re: NYC entry salary after taxes

Postby underdawg » Wed Sep 29, 2010 2:14 am

who wants to live in midtown or the financial district tho

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Kohinoor
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Re: NYC entry salary after taxes

Postby Kohinoor » Wed Sep 29, 2010 2:15 am

MrKappus wrote:You're a really helpful poster usually, and I respect your take on things...but the 15 mins/30 mins distinction is completely and hilariously inaccurate (even for Flushing). If you live in the part of town where you work, you can be home in less than 10 minutes. If you live in Flushing, you're going to spend 30 minutes getting home in a cab, and more than an hour getting to work each AM on the train. And that's not even touching your CT reference (which would mean an hour car-ride w/o traffic, and a 1 to 2-hour commute each morning).
Sorry, yea, I'm not touching the Connecticut thing. As you point out, Flushing cab is about 30m. Cab in Manhattan is 10-15 unless you're paying some ungodly amount to live in Midtown or the Financial District. Depending on where you live, it is easily under an hour from Flushing to midtown in the AM.
Last edited by Kohinoor on Wed Sep 29, 2010 2:17 am, edited 1 time in total.

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underdawg
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Re: NYC entry salary after taxes

Postby underdawg » Wed Sep 29, 2010 2:16 am

anyone who lives in ct is a miser or is whipped (or the female equivalent of being whipped). or a partner that can work from home whenever he wants most of the time

daisyduck
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Re: NYC entry salary after taxes

Postby daisyduck » Wed Sep 29, 2010 2:19 am

MrKappus wrote:You're a really helpful poster usually, and I respect your take on things...but the 15 mins/30 mins distinction is completely and hilariously inaccurate (even for Flushing). If you live in the part of town where you work, you can be home in less than 10 minutes. If you live in Flushing, you're going to spend 30 minutes getting home in a cab, and more than an hour getting to work each AM on the train. And that's not even touching your CT reference (which would mean an hour car-ride w/o traffic, and a 1 to 2-hour commute each morning).
I agree. Commuting from Flushing would be doable if you had a 9-5 job where time isn't your most valuable commodity. But as an SA who gets off work at 9-10pm, I say paying double the amount of rent in Manhattan would be well worth the money, not to mention a lot more entertaining.

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MrKappus
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Re: NYC entry salary after taxes

Postby MrKappus » Wed Sep 29, 2010 2:20 am

underdawg wrote:who wants to live in midtown or the financial district tho


So true. But I might make a couple sacrifices those first 1-2 years so I'm as available as possible. That's kinda toolish, though...I admit.




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