Bonus Dates
Hey guys,
I guess its a bit early to be thinking about this but I'm wondering if anyone knows precise dates that bonuses are given out for analysts at the big banks. I know it's sometime in the summer, but not sure if that means June, July, August....and I'm not sure if the banks announce this info ahead of time, either internally or publicly, but a couple of us at my bank were talking about it and we couldn't remember being told exactly when they'd be handed out (or announced). I'd guess, though, that banks would stick to roughly the same schedule as last year so if we could compile a list from last year it would probably mirror what this year's schedule will be like. At my bank we started work in the first week of July so that would be the one-year mark, but that doesn't necessarily mean that bonuses will be given out right on the year mark...
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Last year at my former BB
Last year at my former BB, we were given our letters (which had the number in them) on July 1. The money was deposited in our accounts on the next pay day which was July 14th.
Do you mind saying which BB
Do you mind saying which BB it was?
Also, anyone else?
Think numbers came mid-June or July 1
And received the money in my bank account in the middle of July.
They usually stick to this schedule every year.
It's actually very anti-climactic. I remember thinking it was going to be amazing and then boom, what do you know, there I was pulling all-nighters again only had $50-60K more in my bank account (after taxes).
Not to be depressing or anything. :)
http://www.mergersandinquisitions.com/
Mergers & Inquisitions
So is July 1 pretty
So is July 1 pretty consistent across the street then, or do banks spread it out over several weeks or the whole summer?
dosk
50-60K more after taxes! Obviously you made top, but was it in NYC? I hear they literally tax bonuses by almost 50%, so getting 60 in the bank is almost too good to be true...we will probably get more like 30 in the bank. sucks. oh well whatever. im getting tanked tonight before another shitty weekend in the office.
43%
It appears that no one on this board has every actually gotten a paycheck or a bonus in NY. You guys are way way way overestimating taxes. Your paychecks will be taxed in the 38% range and your bonus in the 43% range. Until a democrat takes power again, then it will be 50%.
For reference, the top federal bracket is 35%
NY State 7.7%
NY City 4%
So if you make over $500k a year in nyc you get taxed at 46.7%
You don't however make that much, so its closer to 43%
powermonkey
If you work in NYC, but do not live there, do you still have to pay the 4% city tax?
Yes
You pay city taxes based on the number of days you worked in the city vs the number of total days you worked. If you work more than a certain threshold you pay the whole year and then that would decrease your liability for other city taxes like Philadelphia.
This is one of those interesting things for consultants, my fiance works in multiple cities and lives in NY and you have to file and pay city and state taxes in each of those places.
http://www.nyc.gov/html/dof/h
http://www.nyc.gov/html/dof/html/services/business_tax_nys_income.shtml
If you don't live within NYC limits, in most cases, you do NOT owe NYC income tax.
"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-
If you live in NJ and
If you live in NJ and commute to NYC, do you pay NY state taxes?