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• For married, filing jointly, excluding spouse's income: 5989.40
• For single: 6083.60

• For married, filing jointly, excluding spouse's income: 9815.5
• For single: 10734.25

• For married, filing jointly, excluding spouse's income, living in NJ: 31566.8
• For married, filing jointly, excluding spouse's income, living in NYC: 30953.63
• For single, living in NJ: 36990.91
• For single, living in NYC: 35287.57

• Social Security tax: 7049.40
• Medicare tax: 2465

• Married, filing jointly, excluding spouse's income, living in NJ: $119,103.30
• Married, filing jointly, excluding spouse's income, living in NYC: $114,790.93
• Single, living in NJ: $112,760.44
• Single, living in NYC: $108,380.18

• This obviously shouldn't be taken as legit tax advice
• Income taxes could be even lower if you tax deductions for, e.g., health expenses, business expenses, mortgage interest, etc. But after state and city taxes, most folks will be approaching the limits for the Alternative Minimum Tax.
• If you're just deducting state income tax, married individuals should claim the standard deduction--in that case, they net $119,687.10, which is about $580 more.
• Married individuals obviously need to recalculate with their spouse's income for this to be of much use.
• This includes a $10,000 year-end bonus, so this gives an annual comp estimate but not a paycheck calculator.
• This doesn't include any credits, though I don't believe any would typically apply, except the education credits in your stub year.

• Married: 3071 + (80,000*0.03648)
• Single: 1076 + (110,000*0.03648)

• Married pay $1938 on first $50,000 and are taxed at 6.85% on the rest, less a 15,000 standard deduction: 1938+(130000-15,000)*.0685 = 9815.5
• Singles are taxed $972 on the first $20,000 and are taxed at 6.85% on the rest, less a 7,500 standard deduction: 973+(150,000-7500)*.0685 - 10734.25

• For Married in NJ, that's 27735+(170,000-142700-9815-3800)*.28= $31,566.8
• For Married in NJ, that's 27735+(170,000-142700-9815-3800-5989.4)*.28= $29889.77

• For Married in NJ, that's 17442.5+(170,000-85650-10734-3800)*.28= $36,990.91
• For Married in NJ, that's 17442.5+(170,000-85650-10734-3800-6083.6)*.28= $35,287.57

WhirledWorld wrote:Income

Salary: 160,000
Bonus: 10,000
Total Gross Income: $170,000

Taxes
New York City Income Tax (does not apply to NJ residents):

• For married, filing jointly, excluding spouse's income: 5989.40
• For single: 6083.60

New York State Income Tax:

• For married, filing jointly, excluding spouse's income: 10,148.36
• For single: 10,526.97

Federal Income Tax

• For married, filing jointly, excluding spouse's income, living in NJ: 27,586
• For married, filing jointly, excluding spouse's income, living in NYC: 24584.50
• For single, living in NJ: 34,101.94
• For single, living in NYC: 30,694.90

Other federal taxes:

• Social Security tax: 7049.40
• Medicare tax: 2465

After tax income

• Married, filing jointly, excluding spouse's income, living in NJ: $122,751.24
• Married, filing jointly, excluding spouse's income, living in NYC: $120,128.14
• Single, living in NJ: $115,856.69
• Single, living in NYC: $113,180.13

Notes

• This obviously shouldn't be taken as legit tax advice
• Income taxes could be even lower if you tax deductions for, e.g., health expenses, business expenses, mortgage interest, etc. But after state and city taxes, most folks will be approaching the limits for the Alternative Minimum Tax.
• Married individuals obviously need to recalculate with their spouse's income for this to be of much use.
• This includes a $10,000 year-end bonus, so this gives an annual comp estimate but not a paycheck calculator.
• This doesn't include any credits, though I don't believe any would typically apply, except the education credits in your stub year.

Please let me know if this is about right.


IRS Circular 230 disclosure: To ensure compliance with requirements
imposed by the IRS, we inform you that any tax advice contained in this
communication, unless expressly stated otherwise, was not intended or
written to be used, and cannot be used, for the purpose of (i) avoiding
tax-related penalties under the Internal Revenue Code or (ii) promoting,
marketing or recommending to another party any tax-related matter(s)
addressed herein.

Pokemon wrote:IRS Circular 230 disclosure:

lonerider wrote:Pretty surprised at the small difference between NJ & NYC, when NYC taxes are 6%. Is this because these taxes are deductible from fed taxes?

Makes me rethink my idea of living in Jersey City when I graduate & start working.

Anonymous User wrote:This is off, right? I thought it was well-established that $160k after taxes in NYC was ~$93k?

Anonymous User wrote:This is off, right? I thought it was well-established that $160k after taxes in NYC was ~$93k?

Hutz_and_Goodman wrote:Can someone help me figure out how to ballpark spouses income? If I'm making NYC standard for a first year, and according to the above my after tax is $115k, and my spouse makes 40k, what is the after tax on that? Like 25k?

• Like before, this math is before things like insurance, 401k contributions, paying back salary advances, etc. Your actual expendable income will be lower.
• I checked and 40,000 won't bump you up into any higher tax brackets. But for those with spouses making over $53,050/yr, your income will hit the 33% federal tax bracket for all income above that marker.
• I did the math incrementally (i.e. I took the baseline results from the first post and just added the spouse's income on top). Not sure if that would give different results than plugging 210,000 into the equations, but if you really care you can double check the math (the equations are all in the second post).

WhirledWorld wrote:BONUS POST: Stub year taxes.

Assume you work October 1-December 31, netting 25% of your annual income plus a pro-rated bonus: Net annual income = $42,500.

Assuming you're single:

Federal = 4477.50

NY State Income = 2514.25

Social Security = 2635

Medicare = 616.25

Net taxes = $10,243

Net Income = $32,257