Hey everyone, I’m trying to compare the tax implications of living and working in Chicago versus NYC, specifically for finance professionals. I know NYC has high state and city taxes, while Chicago has a flat state tax but no city tax—how does this actually play out in terms of take-home pay? If someone is making, say, $150K, $250K, or $500K in base salary (plus potential bonuses), what would the net take-home pay look like in each city after federal, state, and local taxes? Would love to hear from people who’ve worked in both cities—what is the difference between gross base+bonus and actual take-home?
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Not to be a jerk, but isn’t this easy to model and sensitize? Just need to be mindful of the NY income tax brackets.
https://smartasset.com/taxes/illinois-paycheck-calculator#hXue2E3q63
https://smartasset.com/taxes/new-york-paycheck-calculator
I've been using these for the past few years.
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