Can’t find this info anywhere because WSO search functions sucks. How much should I expect to make POST-TAX in NYC as a first year analyst at a standard bulge bracket bank? I’m trying to see how much I should spent on rent. Thank you in advance for answering or pointing me in the right direction.
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Generally, tax is ~30% of base salary and ~50% of bonuses
What? Your salary tax is about 45% in NYC.
I did the tax bracket math and it is closer to 30% if you use the standard deduction and save some money pretax into 401K etc. Not sure if that’s actually withheld and then refunded or just straight up taxed at 30% can anyone confirm? What % do you actually see coming out of the paycheck each month on your 110K salary to budget off of (since refunds are irrelevant at the time of budgeting month to month)
Please just use an online tax calculator, there are plenty of them. Just search nyc income take home calculator or similar.
The posts about base being taxed at 30% and bonus 50% are wrong, that is what is withheld, not taxed (although maybe you care about withheld due to your monthly budgeting).
Additionally, people are mixing all your withholdings and taxes, as an example social security is only taxed up to $147k, after that the 6.2% tax on the employee goes away. Your deductions and other info (married? Kids? Etc) will determine how much you end up paying in taxes.
The above answer is correct on taxes. in NYC your rent maximum is 40x base salary (bonus not included, not guaranteed) so that's $2,500. Your monthly take home post-tax (and post-401k, health insurance, etc) will likely be roughly $5k
If you can stay between $2k-2.2k on rent you should be pretty comfortable. $2.5k might tighten up your budget a bit but in this market it might be all you can find
Thanks everyone!
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