NY Associates: Where to live?

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Anonymous User
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Re: NY Associates: Where to live?

Postby Anonymous User » Tue Nov 01, 2011 8:45 pm

+1 to the above

I live in Jersey City and love it. Its like an extension of NY with all the yuppies, a bunch of new bars/restaurants, a great waterfront area, plus the rent is half of what my friends pay who live in NY. PATH runs 24 hours a day and is cheaper than a subway ride. I get to NY in 15 minutes. Great place to live if you are working in NY for the summer.

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sunynp
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Re: NY Associates: Where to live?

Postby sunynp » Tue Nov 01, 2011 9:49 pm

I posted this earlier in the thread - it is not a smart idea to rent from craigslist in new york city. There are a lot of scams and no regulation. Spend the money and use a broker- or get someone from your firm to check out a place. Using craigslist is not your best option here in the city.

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nealric
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Re: NY Associates: Where to live?

Postby nealric » Tue Nov 01, 2011 10:35 pm

I posted this earlier in the thread - it is not a smart idea to rent from craigslist in new york city. There are a lot of scams and no regulation. Spend the money and use a broker- or get someone from your firm to check out a place. Using craigslist is not your best option here in the city.


Meh- there are lots of scammy brokers too. I went all over the place, and ended up renting on Craiglist. For the most part, it's very easy to spot the scams. They are almost always too good to be true, are typed with numerous grammar errors or in all caps, or the same photo has been posted for multiple apartments.

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Re: NY Associates: Where to live?

Postby Anonymous User » Tue Nov 01, 2011 11:12 pm

Roughly, what is the tax benefit on a $160K salary living in NJ but working in NYC? I've Googled and seen various answers.

imchuckbass58
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Re: NY Associates: Where to live?

Postby imchuckbass58 » Tue Nov 01, 2011 11:56 pm

Anonymous User wrote:Roughly, what is the tax benefit on a $160K salary living in NJ but working in NYC? I've Googled and seen various answers.


None, because you are taxed in NY on all income earned in NY. So you will pay New York tax rates on $160k.

http://taxes.about.com/od/statetaxes/a/ ... ements.htm

(Look specifically at "special note regarding the New York Tri-State Area").

Edit - more authoritative link: http://turbotax.intuit.com/support/iq/T ... 12867.html

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Re: NY Associates: Where to live?

Postby Anonymous User » Wed Nov 02, 2011 12:01 am

imchuckbass58 wrote:
Anonymous User wrote:Roughly, what is the tax benefit on a $160K salary living in NJ but working in NYC? I've Googled and seen various answers.


None, because you are taxed in NY on all income earned in NY. So you will pay New York tax rates on $160k.

http://taxes.about.com/od/statetaxes/a/ ... ements.htm

(Look specifically at "special note regarding the New York Tri-State Area").

Edit - more authoritative link: http://turbotax.intuit.com/support/iq/T ... 12867.html


Yeah, no tax benefit, but you get the benefit of paying much less for housing, which is great.

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Re: NY Associates: Where to live?

Postby Sup Kid » Wed Nov 02, 2011 12:23 am

Anonymous User wrote:
imchuckbass58 wrote:
Anonymous User wrote:Roughly, what is the tax benefit on a $160K salary living in NJ but working in NYC? I've Googled and seen various answers.


None, because you are taxed in NY on all income earned in NY. So you will pay New York tax rates on $160k.

http://taxes.about.com/od/statetaxes/a/ ... ements.htm

(Look specifically at "special note regarding the New York Tri-State Area").

Edit - more authoritative link: http://turbotax.intuit.com/support/iq/T ... 12867.html


Yeah, no tax benefit, but you get the benefit of paying much less for housing, which is great.

I'm pretty sure there is a slight tax benefit, since you don't have to pay New York City resident taxes (which are significantly higher than most local taxes you'd have to pay in NJ, unless you buy a house and have property taxes).

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MrKappus
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Re: NY Associates: Where to live?

Postby MrKappus » Wed Nov 02, 2011 12:25 am

nealric wrote:
I posted this earlier in the thread - it is not a smart idea to rent from craigslist in new york city. There are a lot of scams and no regulation. Spend the money and use a broker- or get someone from your firm to check out a place. Using craigslist is not your best option here in the city.


Meh- there are lots of scammy brokers too. I went all over the place, and ended up renting on Craiglist. For the most part, it's very easy to spot the scams. They are almost always too good to be true, are typed with numerous grammar errors or in all caps, or the same photo has been posted for multiple apartments.


This. I used craigslist and was fine. Got a decent studio 10 blocks from work. Still cost more than it should but that's NYC.

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Re: NY Associates: Where to live?

Postby transferguy » Wed Nov 02, 2011 4:25 pm

Sup Kid wrote:
Anonymous User wrote:
imchuckbass58 wrote:
Anonymous User wrote:Roughly, what is the tax benefit on a $160K salary living in NJ but working in NYC? I've Googled and seen various answers.


None, because you are taxed in NY on all income earned in NY. So you will pay New York tax rates on $160k.

http://taxes.about.com/od/statetaxes/a/ ... ements.htm

(Look specifically at "special note regarding the New York Tri-State Area").

Edit - more authoritative link: http://turbotax.intuit.com/support/iq/T ... 12867.html


Yeah, no tax benefit, but you get the benefit of paying much less for housing, which is great.

I'm pretty sure there is a slight tax benefit, since you don't have to pay New York City resident taxes (which are significantly higher than most local taxes you'd have to pay in NJ, unless you buy a house and have property taxes).


Yeah, NYC city tax is $500/month on a 160k salary. It's outrageous.

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Wholigan
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Re: NY Associates: Where to live?

Postby Wholigan » Wed Nov 02, 2011 5:00 pm

imchuckbass58 wrote:
Anonymous User wrote:Roughly, what is the tax benefit on a $160K salary living in NJ but working in NYC? I've Googled and seen various answers.


None, because you are taxed in NY on all income earned in NY. So you will pay New York tax rates on $160k.

http://taxes.about.com/od/statetaxes/a/ ... ements.htm

(Look specifically at "special note regarding the New York Tri-State Area").

Edit - more authoritative link: http://turbotax.intuit.com/support/iq/T ... 12867.html


As the other posters pointed out, there is a tax benefit. The links you posted refer to NY State tax. You don't have to pay NY city tax if you live in NJ, which will save you $5-6k per year.

imchuckbass58
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Re: NY Associates: Where to live?

Postby imchuckbass58 » Wed Nov 02, 2011 6:08 pm

Wholigan wrote:
As the other posters pointed out, there is a tax benefit. The links you posted refer to NY State tax. You don't have to pay NY city tax if you live in NJ, which will save you $5-6k per year.


Appears you're right. My bad.

To be nitpicky it will probably be slightly less (~3.5-4k) since you can deduct state and local taxes from your federal return, so you'll have a correspondingly lower federal tax burden.

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Re: NY Associates: Where to live?

Postby dixiecupdrinking » Wed Nov 02, 2011 6:31 pm

nealric wrote:
I posted this earlier in the thread - it is not a smart idea to rent from craigslist in new york city. There are a lot of scams and no regulation. Spend the money and use a broker- or get someone from your firm to check out a place. Using craigslist is not your best option here in the city.


Meh- there are lots of scammy brokers too. I went all over the place, and ended up renting on Craiglist. For the most part, it's very easy to spot the scams. They are almost always too good to be true, are typed with numerous grammar errors or in all caps, or the same photo has been posted for multiple apartments.

I'll take this a step further and say that if you have some time to spare, you should use Craigslist. It's the best way to find decent deals. If you go to a broker, you're dealing with professionals who know the top of the market and will squeeze you for the best rent they can get. Craigslist has listings from landlords and smaller brokers that can be better bang for your buck.

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Re: NY Associates: Where to live?

Postby Anonymous User » Wed Nov 02, 2011 7:06 pm

Thanks for the tax help.

If I did live in New Jersey, would a car be necessary?

Sup Kid
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Re: NY Associates: Where to live?

Postby Sup Kid » Wed Nov 02, 2011 7:15 pm

Anonymous User wrote:Thanks for the tax help.

If I did live in New Jersey, would a car be necessary?

Depends on where in NJ -- generally, yes, you should have a car, but some places, like Hoboken, one isn't necessary (though still may be useful). If you don't have a car, definitely sign-up for Zipcar, they're located pretty much everywhere now, and it's only like $7-8/hour, including gas and insurance.

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Re: NY Associates: Where to live?

Postby Anonymous User » Wed Nov 02, 2011 9:29 pm

Don't want to out myself because I have posted my numbers on here in a chances thread for next cycle, but, I have done UG in Hoboken. Hoboken is an absolutely incredible place to live. You can find luxury buildings (e.g. gym, pool) for very reasonable amounts. The building I currently live in is located about a 10 minute walk from the PATH and I pay approximately $2500 a month for a 3 BR/1 BA. You can easily find an excellent place to live in an elevator building (1 BR/1 BA, 700 sq ft) for around $1800 a month. Keep in mind I am a native NYer that would be happy with a 250 sq ft studio apartment.

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Re: NY Associates: Where to live?

Postby Anonymous User » Thu Nov 03, 2011 2:20 pm

Don't want to out myself but I will say that re the "projects/poor areas" debate, having lived in other major cities but only having visited NY: think hard about who you are and what kind of attention you want to attract. There are other things besides being killed, which may not get reported. As a female minority, I'll just say that

1. Big heckling/street harassment culture in some of these areas. Women of all races will get this. It is so frustrating not to be able to walk from your apartment to the subway without having to run some kind of gauntlet. And it feels slightly more dangerous because you don't know what people are capable of.

2. If you are a fellow minority, "projects" people WILL interact with you more. They're not necessarily going to treat you like the white outsider who must not be touched and unless you want to play the game of 1. Hey girl, hey girl. 2. Why won't you speak to me, girl? 3. Stupid uppity b*tch!! You think you're so much better! etc etc every single day, I would just not bother. Sure you can give lots of b*tchface every day, but why not live somewhere you feel comfortable?

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Re: NY Associates: Where to live?

Postby Anonymous User » Sat Nov 05, 2011 10:06 am

What is the weekly/monthly take-home on 160k in NYC after withholding and/or income tax?

Sup Kid
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Re: NY Associates: Where to live?

Postby Sup Kid » Sat Nov 05, 2011 10:19 am

Anonymous User wrote:What is the weekly/monthly take-home on 160k in NYC after withholding and/or income tax?

After taxes it's a little more than $8000/month, but then you also have money taken out for health insurance and retirement savings plans.

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Re: NY Associates: Where to live?

Postby Anonymous User » Sat Nov 05, 2011 11:20 am

Anonymous User wrote:What is the weekly/monthly take-home on 160k in NYC after withholding and/or income tax?


The way I withhold it's 8800 after all taxes, but before health insurance and retirement.

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Re: NY Associates: Where to live?

Postby Anonymous User » Sat Nov 05, 2011 2:40 pm

Then you decide how much to put into retirement, and maybe the firm matches?

You pay for your own healthcare? How much is this?

Does that mean that you won't owe any additional income tax at the end of the year?

Thanks.

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Re: NY Associates: Where to live?

Postby Anonymous User » Sat Nov 05, 2011 2:52 pm

Anonymous User wrote:Thanks for the tax help.

If I did live in New Jersey, would a car be necessary?


If you live in Hoboken or Jersey City, you likely don't need one. I live close to the Grove St. PATH station in Jersey City. From that station, there are trains that go to World Trade Center, and others that go to 33rd St (right by Penn Station NY). You can also take the train in the opposite direction to Newark, where you can switch to the NJ Transit. So I never need a car.

As for the rent prices, sure if you want a luxury highrise, it is a bit pricey (though affordable compared to NY), but there are certainly cheaper options in Jersey City and Hoboken that are really good. For a young student like me, I got a room in an apartment with 1 roommate, real nice place close to the PATH train, and I pay 800 a month. Pretty good deal.

imchuckbass58
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Re: NY Associates: Where to live?

Postby imchuckbass58 » Sat Nov 05, 2011 3:00 pm

Anonymous User wrote:Then you decide how much to put into retirement, and maybe the firm matches?

You pay for your own healthcare? How much is this?

Does that mean that you won't owe any additional income tax at the end of the year?

Thanks.


You decide how much to put into your 401k. Law firms generally do not match (which is BS because most other employers do, but I guess that's "market").

Health insurance premiums vary widely depending on the type of coverage you get (what's covered, deductible, coinsurance, etc.), whether you get individual or family coverage, and the degree to which your employer subsidizes the coverage. Probably somewhere between $200-$500 per month is a good estimate.

Whether you owe taxes depends on whether you withheld properly, and how many deductions you end up taking (or if alternatively you take the standard deduction), whether you have a spouse and/or kids, etc. Basically, you choose to withhold a certain amount based on answers to your questions, which theoretically reflects your estimate of how much your tax liability will be. Then on April 15 you figure out your actual tax liability. If your withholding exceeds your liability, you get a refund. If it falls short, you have to make up the difference and end up with a penalty.

But if you're single and are withholding enough to get roughly $8k-$8.5k in take home, it's extremely unlikely you'll end up coming up short.

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Re: NY Associates: Where to live?

Postby Anonymous User » Mon Dec 26, 2011 4:54 pm

Bump. When do I need to start looking for a place to live for the summer?

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Re: NY Associates: Where to live?

Postby Anonymous User » Tue Dec 27, 2011 4:30 am

Anonymous User wrote:Bump. When do I need to start looking for a place to live for the summer?


It's been a while since I've looked for sublets in NYC, but from what I recall, start looking maybe a month or month and a half in advance.

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Re: NY Associates: Where to live?

Postby Anonymous User » Tue Dec 27, 2011 4:48 am

Would looking around spring break be too soon for a summer flat?




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