Take-home of SA salary

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ASM11
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Take-home of SA salary

Postby ASM11 » Tue Oct 26, 2010 12:05 pm

Can anyone offer any rough figures of the take-home (after tax) of a SA salary in NYC? I know I could probably figure it out myself but I'm pretty clueless about taxes and I'm betting a lot of people already have a rough-ish answer to this question.

Thanks!

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Big Shrimpin
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Re: Take-home of SA salary

Postby Big Shrimpin » Tue Oct 26, 2010 12:25 pm

according to --LinkRemoved--

...weekly rate of 3077 with single filing is about 1900ish after taxes (works out to about 7600/month x 2.5 months = about 19000 total after taxes). So deduct rent/food/entertainment and you're looking at about 10-13000 to bank?

If I'm wrong, someone please correct me. I'll be in NYC this summer too, so if my estimate is too conservative that would be sweet.

edit: this assumes a 10 week program and pay scale based upon 160k starting salary.

pasteurizedmilk
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Re: Take-home of SA salary

Postby pasteurizedmilk » Tue Oct 26, 2010 12:31 pm

IIRC you're not taxed at the 160 rate though, since.....you don't actually make 160.

My understanding is that firms can accommodate for this up front somehow so that you get more than the 1900 each week (I'll check with the tax person I discussed it with and get back to you) or you just get a nice fat return later down the road.

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bk1
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Re: Take-home of SA salary

Postby bk1 » Tue Oct 26, 2010 12:35 pm

New question is new.

ASM11
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Re: Take-home of SA salary

Postby ASM11 » Tue Oct 26, 2010 12:38 pm

pasteurizedmilk wrote:IIRC you're not taxed at the 160 rate though, since.....you don't actually make 160.

My understanding is that firms can accommodate for this up front somehow so that you get more than the 1900 each week (I'll check with the tax person I discussed it with and get back to you) or you just get a nice fat return later down the road.


Yeah, I've been wondering about this. Forgive my extreme lack of income tax knowledge, but don't loans qualify you for a deduction?

edit: I've never filed my own taxes but want to do so this year so I can stop being so clueless about it...

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nealric
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Re: Take-home of SA salary

Postby nealric » Tue Oct 26, 2010 12:40 pm

IIRC you're not taxed at the 160 rate though, since.....you don't actually make 160.

My understanding is that firms can accommodate for this up front somehow so that you get more than the 1900 each week (I'll check with the tax person I discussed it with and get back to you) or you just get a nice fat return later down the road.


You can set up part-year withholding for your fed returns, but not NY returns. The part-year withholding does not fully fix the problem. My firm specifically told us we could not load up on exemptions to reduce the over-withholding problem because it would cause audit problems for them if they suddenly had a ton of new employees claim a ton of exemptions. I ended up getting a huge return. Unfortunately, that huge return also tripped the automatic pull-aside algorithm at the IRS, which made me wait another 2 months for my return while a real person verified that my firm had actually withheld as much as my return said it did.

^Not tax advice- just my personal experience^

pasteurizedmilk
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Re: Take-home of SA salary

Postby pasteurizedmilk » Tue Oct 26, 2010 12:41 pm

ASM11 wrote:
pasteurizedmilk wrote:IIRC you're not taxed at the 160 rate though, since.....you don't actually make 160.

My understanding is that firms can accommodate for this up front somehow so that you get more than the 1900 each week (I'll check with the tax person I discussed it with and get back to you) or you just get a nice fat return later down the road.


Yeah, I've been wondering about this. Forgive my extreme lack of income tax knowledge, but don't loans qualify you for a deduction?

edit: I've never filed my own taxes but want to do so this year so I can stop being so clueless about it...

haha i'm in the same boat. I'm just reporting what I heard second hand.

I'll have the materials in front of me again later today - if somebody else hasn't already chimed in and clarified I'll post then and let you know specifics about the tax issue. No clue re: deductions though.

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2807
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Re: Take-home of SA salary

Postby 2807 » Tue Oct 26, 2010 12:44 pm

Is this all of your income for the year? $19,000 during a summer job while in school?

***EDIT*** -- you will have some taxes, but it will be based on your taxable income, not your gross. You get the federal deduction of around 4500, so now you are taxed on the $14,500 left over.

That is near poverty and your minimal tax liability at most will be a grand or two.

The real question is: What will be your total TAXABLE income for the year. If it is just this you will have very little taxation issue. I do not recall the floor amount for absolute minimum taxes, but you must be getting close.

So your net is near 17k--or more due to write-offs you may have above the 4500 standard. If the write-offs are less than the $4500-ish that the gov't gives automatically, then go with the $4500 and save the trouble of itemizing and receipts and non-sense.


No deduction for "loans". You can deduct interest on some loans, not sure if student loan counts. But you cannot deduct it if you are not paying it.... (you are not currently paying your student loan)

Hope this helps. I am certain their will be conflicting opinions... I assure you, it is ALL about your gross income for the year -- minus-- your deduction(s) = your "taxable" income.

Start there.

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Big Shrimpin
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Re: Take-home of SA salary

Postby Big Shrimpin » Tue Oct 26, 2010 12:54 pm

2807 wrote:Is this all of your income for the year? $19,000 during a summer job while in school?

***EDIT*** -- you will have some taxes, but it will be based on your taxable income, not your gross. You get the federal deduction of around 4500, so now you are taxed on the $14,500 left over.

That is near poverty and your minimal tax liability at most will be a grand or two.

The real question is: What will be your total TAXABLE income for the year. If it is just this you will have very little taxation issue. I do not recall the floor amount for absolute minimum taxes, but you must be getting close.

So your net is near 17k--or more due to write-offs you may have above the 4500 standard. If the write-offs are less than the $4500-ish that the gov't gives automatically, then go with the $4500 and save the trouble of itemizing and receipts and non-sense.


No deduction for "loans". You can deduct interest on some loans, not sure if student loan counts. But you cannot deduct it if you are not paying it.... (you are not currently paying your student loan)

Hope this helps. I am certain their will be conflicting opinions... I assure you, it is ALL about your gross income for the year -- minus-- your deduction(s) = your "taxable" income.

Start there.


lolwut?

I just plugged in 3077/week * 10 weeks - deductions from an online paycheck calculator to get the 19000. OP asked for a rough estimate. :?

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2807
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Re: Take-home of SA salary

Postby 2807 » Tue Oct 26, 2010 1:01 pm

Big Shrimpin wrote:
2807 wrote:Is this all of your income for the year? $19,000 during a summer job while in school?

***EDIT*** -- you will have some taxes, but it will be based on your taxable income, not your gross. You get the federal deduction of around 4500, so now you are taxed on the $14,500 left over.

That is near poverty and your minimal tax liability at most will be a grand or two.

The real question is: What will be your total TAXABLE income for the year. If it is just this you will have very little taxation issue. I do not recall the floor amount for absolute minimum taxes, but you must be getting close.

So your net is near 17k--or more due to write-offs you may have above the 4500 standard. If the write-offs are less than the $4500-ish that the gov't gives automatically, then go with the $4500 and save the trouble of itemizing and receipts and non-sense.


No deduction for "loans". You can deduct interest on some loans, not sure if student loan counts. But you cannot deduct it if you are not paying it.... (you are not currently paying your student loan)

Hope this helps. I am certain their will be conflicting opinions... I assure you, it is ALL about your gross income for the year -- minus-- your deduction(s) = your "taxable" income.

Start there.


lolwut?

I just plugged in 3077/week * 10 weeks - deductions from an online paycheck calculator to get the 19000. OP asked for a rough estimate. :?


Well, not sure if I helped or confused you more. Sorry.

The good news is--- you did get a ROUGH estimate.

Rough...

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Unemployed
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Re: Take-home of SA salary

Postby Unemployed » Tue Oct 26, 2010 1:07 pm

Big Shrimpin wrote:
2807 wrote:Is this all of your income for the year? $19,000 during a summer job while in school?

***EDIT*** -- you will have some taxes, but it will be based on your taxable income, not your gross. You get the federal deduction of around 4500, so now you are taxed on the $14,500 left over.

That is near poverty and your minimal tax liability at most will be a grand or two.

The real question is: What will be your total TAXABLE income for the year. If it is just this you will have very little taxation issue. I do not recall the floor amount for absolute minimum taxes, but you must be getting close.

So your net is near 17k--or more due to write-offs you may have above the 4500 standard. If the write-offs are less than the $4500-ish that the gov't gives automatically, then go with the $4500 and save the trouble of itemizing and receipts and non-sense.


No deduction for "loans". You can deduct interest on some loans, not sure if student loan counts. But you cannot deduct it if you are not paying it.... (you are not currently paying your student loan)

Hope this helps. I am certain their will be conflicting opinions... I assure you, it is ALL about your gross income for the year -- minus-- your deduction(s) = your "taxable" income.

Start there.


lolwut?

I just plugged in 3077/week * 10 weeks - deductions from an online paycheck calculator to get the 19000. OP asked for a rough estimate. :?


Paycheckcity is a withholding calculator, not an income tax calculator. You accounted for 1 exemption, but none of the deductions.

2807 is roughly correct, I think. Combining the standard deduction + personal exemption + state/local tax payments should push your taxable income to the lowest and second lowest brackets, at least federally. Plus you can offset up to $2,000 in federal taxes through Lifetime Learning Credit.

The problem is getting the firms to adjust your status so that at the withholding stage, they don't assume you'd be making $160,000 during the year. I don't know how this is done, but I bet nealric can explain. :wink:

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Big Shrimpin
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Re: Take-home of SA salary

Postby Big Shrimpin » Tue Oct 26, 2010 1:25 pm

whoops
Last edited by Big Shrimpin on Tue Oct 26, 2010 1:45 pm, edited 1 time in total.

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2807
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Re: Take-home of SA salary

Postby 2807 » Tue Oct 26, 2010 1:27 pm

HAHA. Awesome.

2807 is me, not your $$paycheck.

However, it may be close to the same. 8)

If you are making 14500 total taxable, and say 15% for taxes total, you = $1500 Roughly in total taxes.

So, take THAT out of your gross weekly of 3000= 2850 a week net. (10 weeks? at 150 per week)

The amount maybe a little higher, but the calc is the same.

$14,500 @ 20% taxation= $290 a week out of your pay..... 3000 -290 = 2710 to you. That is at 20% taxation, that is very close , if not high, for a total year income of only $14500.

I recall one year where I had a total taxable income of $8.00. And I had to write a check for $2.00 to taxes... (25% !). So, that 20% may be a good figure.

Yes, I am telling the truth. That check has been framed. I am older than you guys and have had a lot of tax fun.... but I am no authority on it all. HTH.
Last edited by 2807 on Tue Oct 26, 2010 1:38 pm, edited 2 times in total.

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paratactical
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Re: Take-home of SA salary

Postby paratactical » Tue Oct 26, 2010 1:36 pm

Don't forget that you will be charged federal, state and city taxes in NYC.

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clintonius
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Re: Take-home of SA salary

Postby clintonius » Tue Oct 26, 2010 1:46 pm

If you just type in $30,770 as your annual gross, choose annual payment, and select NYC resident, you should come up with your net amount (it gave me $22,896.65). Prorating that over 10 weeks won't be accurate b/c of the withholding problems above, but after rebates you should wind up there.

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Unemployed
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Re: Take-home of SA salary

Postby Unemployed » Tue Oct 26, 2010 1:51 pm

If you are working in NY, it most certainly would not be $2,807. State and city taxes will apply, and you won't get most of it back.

If you were a single person with no dependents working in a state with no local taxes (e.g. Texas), it would be a simple calculation, assuming you don't do anything fancy like IRA contribution, make student loan interest payments, or claim other above-the-line deductions.

Taxable income = $30,770 - $3,650 (personal exemption) - $5,700 (Standard deduction) = $21,420.
Taxes owed = $8,375 * 10% + ($21,420 - $8,375) * 15% = $2,794.25
Offset by $2,000 credit = $794.25

Therefore, each paycheck SHOULD be ~$3,000 in Texas. Eventually.

Damn I hate NYC.

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Big Shrimpin
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Re: Take-home of SA salary

Postby Big Shrimpin » Tue Oct 26, 2010 2:36 pm

Unemployed wrote:If you are working in NY, it most certainly would not be $2,807. State and city taxes will apply, and you won't get most of it back.

If you were a single person with no dependents working in a state with no local taxes (e.g. Texas), it would be a simple calculation, assuming you don't do anything fancy like IRA contribution, make student loan interest payments, or claim other above-the-line deductions.

Taxable income = $30,770 - $3,650 (personal exemption) - $5,700 (Standard deduction) = $21,420.
Taxes owed = $8,375 * 10% + ($21,420 - $8,375) * 15% = $2,794.25
Offset by $2,000 credit = $794.25

Therefore, each paycheck SHOULD be ~$3,000 in Texas. Eventually.

Damn I hate NYC.


So how then would it play out for NYC? I know virtually nothing about tax, and I'm doing like 5 things at once so I apologize if this has already been answered. Can't wait to kiss significant portions of my paychecks goodbye :roll:

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clintonius
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Re: Take-home of SA salary

Postby clintonius » Tue Oct 26, 2010 2:43 pm

Big Shrimpin wrote:
Unemployed wrote:If you are working in NY, it most certainly would not be $2,807. State and city taxes will apply, and you won't get most of it back.

If you were a single person with no dependents working in a state with no local taxes (e.g. Texas), it would be a simple calculation, assuming you don't do anything fancy like IRA contribution, make student loan interest payments, or claim other above-the-line deductions.

Taxable income = $30,770 - $3,650 (personal exemption) - $5,700 (Standard deduction) = $21,420.
Taxes owed = $8,375 * 10% + ($21,420 - $8,375) * 15% = $2,794.25
Offset by $2,000 credit = $794.25

Therefore, each paycheck SHOULD be ~$3,000 in Texas. Eventually.

Damn I hate NYC.


So how then would it play out for NYC? I know virtually nothing about tax, and I'm doing like 5 things at once so I apologize if this has already been answered. Can't wait to kiss significant portions of my paychecks goodbye :roll:
The answer is in my post above.

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albusdumbledore
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Re: Take-home of SA salary

Postby albusdumbledore » Tue Oct 26, 2010 2:55 pm

Unemployed wrote:If you are working in NY, it most certainly would not be $2,807. State and city taxes will apply, and you won't get most of it back.

If you were a single person with no dependents working in a state with no local taxes (e.g. Texas), it would be a simple calculation, assuming you don't do anything fancy like IRA contribution, make student loan interest payments, or claim other above-the-line deductions.

Taxable income = $30,770 - $3,650 (personal exemption) - $5,700 (Standard deduction) = $21,420.
Taxes owed = $8,375 * 10% + ($21,420 - $8,375) * 15% = $2,794.25
Offset by $2,000 credit = $794.25

Therefore, each paycheck SHOULD be ~$3,000 in Texas. Eventually.

Damn I hate NYC.


Aren't you assuming residency in Texas here? I interned one summer at a job in Texas, and I'm pretty sure I ended up having to pay state income tax in my state of residency for the money I made in Texas. It didn't matter that the money was made in Texas.

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Sauer Grapes
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Re: Take-home of SA salary

Postby Sauer Grapes » Tue Oct 26, 2010 2:57 pm

Since you are only working 10-12 weeks in that location, assuming you live in a different location the rest of the year, they may charge you as if you were making that rate for a year. What I mean by this is, your % income that they tax won't be as if you only made $30K for an entire year, it'll be the % you would have been taxed for making $160K for the year. I know that states handle your tax rate like this when you move to another state and only live part of a year in their state.

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Kohinoor
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Re: Take-home of SA salary

Postby Kohinoor » Tue Oct 26, 2010 8:16 pm





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