Taxes for SA's
Hey all, quick question. How do taxes for SA's in NYC work? This is for front office at a BB
Are taxes pro-rated at the same rate that they would be for a first year? Should I be expected to give up 40% to Uncle Sam (and Patterson and Bloomberg)?
If I'm making traditional comp (70k prorated plus 2k sign on) plus overtime (.5x hourly wage for anything over 40 hours; I'm in S&T), how much can I reasonably expect to take home after taxes, either on a weekly basis or for the whole summer?
I'm looking ideally for answers from SA's from last year (even though you all made 60k), or anyone familiar with the tax structure in NYC.
I think tax rates are marginal based on the amount of money you made for the year. So if you made $10k in 2009, you only get taxed on $10k.
I had about an 1000 refund of federal and state this year from last summer
That is also my question. I will work for a buyside shop and the pay me 20/hour and 1.5X overtime. What is the post-tax income I should expect?
They're going to be taxing you as if you will continue to earn 70k pro-rated for the remainder of the year. You may be able to reduce withholdings be claiming more dependents, but in general you will be overtaxed for what you make. As mango123 stated above, expect a relatively large refund next spring.
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