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Hello,

I have been trying to figure out how much I would be taking home per week making the standard $3077 in NYC for 8 weeks. Do firms usually withhold as if you were being paid the full $160k and then you get a big tax return when you file?

Thanks!

Well, you fill out the withholding, but in most cases it's based on full year and you get a big refund. Some firms have some sort of special withholding arrangement where they withhold a more accurate amount.

Assuming you're withholding based on full-year, you should get a paycheck in the $4500-$4700 range every two weeks in NYC.

imchuckbass58 wrote:Well, you fill out the withholding, but in most cases it's based on full year and you get a big refund. Some firms have some sort of special withholding arrangement where they withhold a more accurate amount.

Assuming you're withholding based on full-year, you should get a paycheck in the $4500-$4700 range every two weeks in NYC.

This is all accurate. For more details, see http://www.top-law-schools.com/forums/v ... 3&t=148156. Note that the thread sort of devolves towards the end, but it generally has good info.

Here is a calculator

--LinkRemoved--

You can ask HR that you want to withhold less.

This question has been asked and answered a million times. Use the search function next time.

http://www.top-law-schools.com/forums/v ... 3&t=148156

Net Pay (weekly): $1920

Assumes: NYC resident; 2 allowances for Fed, NY State, and NY City.

Refund: $7785

Assumes: Above withholding amounts; 12 week program; single; no dependents; no other income; tuition expenses; NYC resident.

NYC BigLaw: State and Federal Withholding Amounts, Tax Liability, and Take Home Pay

12 Weeks


10 Weeks


8 Weeks





Note:

The withholding amounts assume you claim two allowances on your W-4 and the NY/NYC equivalent. The ultimate tax liability assumes single, standard deduction, one federal exemption, no dependents, NYC resident, no additional income, and at least $10k of tuition expenses from a school not located in New York.

I'm not sure if income earned in NYC by part-time/out-of-state residents is taxed at the same rate as income earned by permanent residents of NYC. If yes, then these amounts will apply even if your not a permanent NYC resident.

(loser alert)

ASwift - Can you do that calculation for California, 10 weeks, and married? Thanks.

Also, DC, 6 weeks, and married? Thanks.

With respect to withholding:

http://www.irs.gov/individuals/article/ ... 96,00.html

You can have it withhold as much as you want. Use the calculator to figure out how many exemptions to request so it doesn't withhold too much. I think for 10 weeks at $3100 you put 31 exemptions and it will basically withhold the right amount.

.

pereatmundus wrote:With respect to withholding:

http://www.irs.gov/individuals/article/ ... 96,00.html

You can have it withhold as much as you want. Use the calculator to figure out how many exemptions to request so it doesn't withhold too much. I think for 10 weeks at $3100 you put 31 exemptions and it will basically withhold the right amount.

I'm married and it put me at 35. So I think that's about right. Cool.

so i'm really bummed to discover that $6,200 ---> $3,800 as an NYC resident after taxes. how much is coming back to me in a tax refund?

edit: nvm, read the above thread and got my answer