NYC Big law take home pay Forum
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NYC Big law take home pay
NYC big law question- What is your take-home pay (after taxes)? Any insight into big law 401k plans is also appreciated. Thank you!
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Re: NYC Big law take home pay
Take home pay as a 1st year should be $4,700 every two weeks.
Firms generally do not match 401k contributions, so there is no free money, but you should be putting as much money into your 401k as you feel comfortable with.
Firms generally do not match 401k contributions, so there is no free money, but you should be putting as much money into your 401k as you feel comfortable with.
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Re: NYC Big law take home pay
4700 as a first year??? Mines 4000 as a second year after paying taxes and maxing out 401k, contributing to HSA, premium payment for health and dental, and using pretax dollars for transit passRedPurpleBlue wrote:Take home pay as a 1st year should be $4,700 every two weeks.
Firms generally do not match 401k contributions, so there is no free money, but you should be putting as much money into your 401k as you feel comfortable with.
- Calbears123
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Re: NYC Big law take home pay
4700 sounds right before 401k/HSA/InsuranceFedFan123 wrote:4700 as a first year??? Mines 4000 as a second year after paying taxes and maxing out 401k, contributing to HSA, premium payment for health and dental, and using pretax dollars for transit passRedPurpleBlue wrote:Take home pay as a 1st year should be $4,700 every two weeks.
Firms generally do not match 401k contributions, so there is no free money, but you should be putting as much money into your 401k as you feel comfortable with.
Last edited by QContinuum on Mon May 27, 2019 12:06 pm, edited 1 time in total.
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- Wild Card
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Re: NYC Big law take home pay
Correct, my take-home pay as a first year is about $3,850 biweekly.FedFan123 wrote:4700 as a first year??? Mines 4000 as a second year after paying taxes and maxing out 401k, contributing to HSA, premium payment for health and dental, and using pretax dollars for transit passRedPurpleBlue wrote:Take home pay as a 1st year should be $4,700 every two weeks.
Firms generally do not match 401k contributions, so there is no free money, but you should be putting as much money into your 401k as you feel comfortable with.
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Re: NYC Big law take home pay
Well then it’s not take home pay. Unless I guess you are uninsured and not maxing out your pretax investment accountsAnonymous User wrote:4700 sounds right before 401k/HSA/InsuranceFedFan123 wrote:4700 as a first year??? Mines 4000 as a second year after paying taxes and maxing out 401k, contributing to HSA, premium payment for health and dental, and using pretax dollars for transit passRedPurpleBlue wrote:Take home pay as a 1st year should be $4,700 every two weeks.
Firms generally do not match 401k contributions, so there is no free money, but you should be putting as much money into your 401k as you feel comfortable with.
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Re: NYC Big law take home pay
Does anyone have an idea for a clerkship bonus?
Last edited by QContinuum on Mon May 27, 2019 12:07 pm, edited 1 time in total.
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Re: NYC Big law take home pay
I've heard for the market 50k bonus it's in the 28k to 32k range.Anonymous User wrote:Does anyone have an idea for a clerkship bonus?
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Re: NYC Big law take home pay
My (single, no dependents) clerkship bonus take-home was just shy of $31k in DC, or in other words, half of my gross pay for the entire clerkship.
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Re: NYC Big law take home pay
Yeah, I put 4700 solely after accounting for federal, state, and local taxes. I do not know how much people are putting in their 401k/HSAs and I do not know how much they have to spend on insurance, so I'm not going to guess those numbers.FedFan123 wrote:Well then it’s not take home pay. Unless I guess you are uninsured and not maxing out your pretax investment accountsAnonymous User wrote:4700 sounds right before 401k/HSA/InsuranceFedFan123 wrote:4700 as a first year??? Mines 4000 as a second year after paying taxes and maxing out 401k, contributing to HSA, premium payment for health and dental, and using pretax dollars for transit passRedPurpleBlue wrote:Take home pay as a 1st year should be $4,700 every two weeks.
Firms generally do not match 401k contributions, so there is no free money, but you should be putting as much money into your 401k as you feel comfortable with.
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Re: NYC Big law take home pay
I practice mid-law with a salary of $135,000 and take home $4,200 every two weeks before 401k/Insurance. I thought the difference would be bigger. $500 vs losing my sanity. Hmmmmm.RedPurpleBlue wrote:Yeah, I put 4700 solely after accounting for federal, state, and local taxes. I do not know how much people are putting in their 401k/HSAs and I do not know how much they have to spend on insurance, so I'm not going to guess those numbers.FedFan123 wrote:Well then it’s not take home pay. Unless I guess you are uninsured and not maxing out your pretax investment accountsAnonymous User wrote:4700 sounds right before 401k/HSA/InsuranceFedFan123 wrote:4700 as a first year??? Mines 4000 as a second year after paying taxes and maxing out 401k, contributing to HSA, premium payment for health and dental, and using pretax dollars for transit passRedPurpleBlue wrote:Take home pay as a 1st year should be $4,700 every two weeks.
Firms generally do not match 401k contributions, so there is no free money, but you should be putting as much money into your 401k as you feel comfortable with.
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Re: NYC Big law take home pay
Two things:Anonymous User wrote:I practice mid-law with a salary of $135,000 and take home $4,200 every two weeks before 401k/Insurance. I thought the difference would be bigger. $500 vs losing my sanity. Hmmmmm.RedPurpleBlue wrote:Yeah, I put 4700 solely after accounting for federal, state, and local taxes. I do not know how much people are putting in their 401k/HSAs and I do not know how much they have to spend on insurance, so I'm not going to guess those numbers.FedFan123 wrote:Well then it’s not take home pay. Unless I guess you are uninsured and not maxing out your pretax investment accountsAnonymous User wrote:4700 sounds right before 401k/HSA/InsuranceFedFan123 wrote:4700 as a first year??? Mines 4000 as a second year after paying taxes and maxing out 401k, contributing to HSA, premium payment for health and dental, and using pretax dollars for transit passRedPurpleBlue wrote:Take home pay as a 1st year should be $4,700 every two weeks.
Firms generally do not match 401k contributions, so there is no free money, but you should be putting as much money into your 401k as you feel comfortable with.
1) the $4,700 number doesn’t include bonus and is for a single person with one exemption.
2) are you sure you mean every two weeks (26 payments)? I just did a quick calculation and that’d mean you’re paying only 19% tax in NYC (federal, FICA, state, and city). I call BS on that.
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Re: NYC Big law take home pay
I am in CA, married, claiming 3 exemptions. The 4,200 (26 payments) doesn’t include monthly or annual bonuses. FWIW, after insurance it drops to $3,900 and I should probably start investing into my 401k...2013 wrote:Two things:Anonymous User wrote:I practice mid-law with a salary of $135,000 and take home $4,200 every two weeks before 401k/Insurance. I thought the difference would be bigger. $500 vs losing my sanity. Hmmmmm.RedPurpleBlue wrote:Yeah, I put 4700 solely after accounting for federal, state, and local taxes. I do not know how much people are putting in their 401k/HSAs and I do not know how much they have to spend on insurance, so I'm not going to guess those numbers.FedFan123 wrote:Well then it’s not take home pay. Unless I guess you are uninsured and not maxing out your pretax investment accountsAnonymous User wrote:4700 sounds right before 401k/HSA/InsuranceFedFan123 wrote:4700 as a first year??? Mines 4000 as a second year after paying taxes and maxing out 401k, contributing to HSA, premium payment for health and dental, and using pretax dollars for transit passRedPurpleBlue wrote:Take home pay as a 1st year should be $4,700 every two weeks.
Firms generally do not match 401k contributions, so there is no free money, but you should be putting as much money into your 401k as you feel comfortable with.
1) the $4,700 number doesn’t include bonus and is for a single person with one exemption.
2) are you sure you mean every two weeks (26 payments)? I just did a quick calculation and that’d mean you’re paying only 19% tax in NYC (federal, FICA, state, and city). I call BS on that.
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Re: NYC Big law take home pay
I thought big law take home would be much higher? High taxes?? I work as in-house counsel (F500) but make less than what first year big law associates make. My take home pay (prior to 401K contributions) is $4400 (26 pays per year, not including bonus). I work in a small town (midwest/mid Atlantic). That is after my health care payments are taken out but I don't pay too much for that.
I think I claim 2 exemptions (Married+Kids)
I think I claim 2 exemptions (Married+Kids)
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Re: NYC Big law take home pay
After plugging the numbers in here, that doesn't seem too strange. You're only making $20,000 less after taxes than the single NYC associate. If you were single and claiming one exemption in NY, you'd be paying roughly $14,000 more in taxes every year.Anonymous User wrote:I am in CA, married, claiming 3 exemptions. The 4,200 (26 payments) doesn’t include monthly or annual bonuses. FWIW, after insurance it drops to $3,900 and I should probably start investing into my 401k...
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Re: NYC Big law take home pay
I’m sorry, but do none of you understand how taxes work? Why is it news that NYC, the city with absurd city taxes on top of state taxes, has higher tax than CA or some random mid-Atlantic state?
OP was discussing NY biglaw take home salary. It is completely irrelevant what anyone else makes in a non-NYC job.
This is probably going to devolve into another “Texas is better” thread the way it is currently going.
OP was discussing NY biglaw take home salary. It is completely irrelevant what anyone else makes in a non-NYC job.
This is probably going to devolve into another “Texas is better” thread the way it is currently going.
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