NY Biglaw Actual Pay Forum

[Anonymous User]

http://www.tax-rates.org/income-tax-cal ... on=preload

I just plugged in "$160,000" with one personal exemption, no dependents, and assuming no home ownership (so no property tax/mortgage payment deductions). Came out to $105,000. This doesn't take into account the city tax, but I've seen the figure $4000 - $5000 thrown around here, mainly in New Jersey vs. NYC residency threads, which takes into account deducting the city tax from the federal tax. So about $100,000 seems right? Also fuck the city tax if it's more than $5,000, I'm living in New Jersey.

This doesn't take into account market bonuses.

[baal hadad]

How many threads in this forum ask what take home pay is on 160 in NYC while others lash out when people complain about how much their actual pay is?

This thread will devolve towards its natural conclusion

1) Arguments are had about NYC neighborhoods, rents therein, and distances from trais. Some dude SWEARS he saw a 1/1 for $1500/mo and eveyrone loses their minds
2) some law student makes a depressingly hopeful evaluation of how much he can pay off per year in loans
3) some dude comes in and talks about how $100k is "totally not a lot bro"
4) some dude who grew up lower middle class talks aboout how $100k is more than anyone in his family has had ever
5) some dude is like "just totally do texas biglaw EVERYTHING is bigger in texas" or [insert random secondary market"
6) "NYC is so TTT should have lived in a chill midwestern place like chicago"

I think that's everything

[Anonymous User]

Basically.

But I am definitely interested in checking the numbers. Given the typical K-JD with no deductions other than the standard deduction, and just accounting for taxes, i.e. not health/vision/401K/transportation, but just money you hand over to the government with no expectation of getting back, there should be a set number, right?

[dixiecupdrinking]

Basically.

But I am definitely interested in checking the numbers. Given the typical K-JD with no deductions other than the standard deduction, and just accounting for taxes, i.e. not health/vision/401K/transportation, but just money you hand over to the government with no expectation of getting back, there should be a set number, right?

Yes but no actual person is in that situation so no "actual numbers" will reflect that. Either way, the answer is within a few grand of $95-100k.

[Anonymous User]

Single w/ no federal exemptions; $160,000 base and $15,000 bonus = $106,000 take home pay. In DC, comes out to $110,000.

[bearsfan23]

I love that lawyers/law students act like the legal profession is the ONLY one in the world where your income gets taxed.

Like someone if you were an engineer or programmer your $160k would be $150k or something after taxes

[Anonymous User]

I love that lawyers/law students act like the legal profession is the ONLY one in the world where your income gets taxed.

This. In this country, if you are salaried you will get taxed. The only way around this (putting aside capital gains) is the carried interest exemption, which .001% of the country can use. The only thing to consider in your BigLaw search (if you really want to fight for a few extra K per year) is where you work. New York, for example, will hit you up for 18K in taxes (state + city) while DC is 13K and Texas is far lower. But really, honestly guys, you're saving thousands of dollars, not tens of thousands of dollars.

[Desert Fox]

[dixiecupdrinking]

Would be nice if they'd eliminate the cap and income phase out on the student loan interest deduction.