33% out to taxes. HELP.

I don't think you can get double taxed at the state level, won't one count the other's as a credit against theirs??

Sounds like you need to change your W4 withholdings. I almost puked at the withholdings from my first few paychecks. I soon realized that one needs to change his/her withholdings deductions. You probably have 0 listed deductions.

^or you could leave it as is so you can hold onto that recently deceased 'bonus' feeling lol

I've read that it is well known to pay double taxes in my situation but that on the return you get some sort of credit, however on my paycheck I don't. I am going to change my w4 to 1 instead of 0, how much extra do you think that will give me? Should I do more? I literally know nothing about taxes. Appreciate the help from everyone.

Most people I know don't list NYC as their permanent residence. 6% city tax is BS. Take what you want from that.

Yeah, but I dont know where else i would list, as my only other permanent residence is in new england.

Read over your W4 and take the exact deductions that you are allowed. The form asks a series of questions to determine how many deductions you get. I think you get at least 1 deduction by having a pulse. 1 vs 0 will make a noticeable impact on your take home pay. Some people take 0 deductions because it helps them save money. When they file their tax returns for the year they usually get back a large chunk of change. Others will claim as many deductions as they can write down to improve their monthly/weekly cash flow. While I'm not a tax expert I believe both are, strictly speaking, not completely legal.

So in sum, just read over your W4 and take the deductions you are allowed.

Tell HR that you want to file your W4 again +1 for single/ no one taking you as a dependent +1 for having one job (if you change your job in mid-year/ or have any other jobs you need to put 0 - it screws you up at the end of the year) Deductions: 2

problem solved.

And nothing bad can come from it? Also if you don't mind me asking, on say 60k a year, how much extra do you get in taxes by writing 1 versus 0 on the w4.

So I should list my parents address, which isn't anywhere close to NYC as my permanent...?

OP, you've gotta be out of your mind to pay 2K a month in rent on a 60K gross salary. When my base was 100K and I hadn't bought my condo yet, I refused to pay more than 1500 a month in rent.

Second what manbearpig said. That is wayyy too much fixed expense on your salary. You can find much cheaper than 2k in New Jersey too...

I'm living in manhattan though. Not living in Jersey. Ideally I would pay less. Currently live in a 2 BR and pay 1200-1400, but I don't want to live there anymore (hate my roommates GF). A 1 BR or studio that is on the west side (have to be cause of the path) is hard to find in that price range.

Dude, you're going to have to change something. What is 60k per month after taxes? ~3k - maybe slightly higher (before you put anything away for your future) you're going to drop $2k on an apartment?

I know you expect a good bonus, but seriously - wait until you get one or two.

For now - either learn to deal with the roomates gf or find another cheap place to split with someone you can stand. It's going to suck to use most of your bonus (which will be taxed to hell) to pay off credit cards because you can't afford your apartment.

After tax, around 3500. I fully understand where you are coming from. Unfortunately I don't have anybody else I could split an APT with that I can stand in NYC. I don't even have a credit card, nor do I anticipate any debt issues, I just won't be able to save as much. It's not ideal, but it is what it is.

So why don't you live in NJ? Especially considering the fact that....you know...you work in NJ........

We are moving our office by end of this year to manhattan, so I won't work in NJ for much longer. And I'm not a big fan of new jersey in general. I know, it may sound dumb, but I don't want to live there.

LOL.

You know what sucks more than living in NJ? Being broke in Manhattan.

I wouldn't call having at least 1200/month to spend as being BROKE. It's not ideal, but its not like poverty. I've lived in manhattan for 2 years now and I know how to budget, but yes, it does suck to spend more on an apt due to location. I work 50-60 hours a week though, so its important for me to enjoy my home, since I'll be there a lot more than IBD guys.

I am confused. You come into the thread asking for advice, the advice was counter to what you want and now you are trying to get people to agree with your already predetermined decision?

just go get an apt for 2K. You have no debt and a bonus that should be nice. You just won't have much if any of a safety net.

Why ask for advice when you have no interest in taking it?

I fully appreciated the tax advice. I prefaced the entire thread saying I wasn't moving to NJ. The thread was in regards to taxes, something I know nothing about, not where I should live. I do appreciate all of the advice and clarity though.

If you're ok with saving less than 500 a month then yeah by all means, go for it. As for the original question about saving on taxes, there's not much you can do to improve your cash flow, but maxing out your retirement contributions will ensure you get a decent tax return at the end of the year.

Changed deductions and found a place that was cheaper than 2000. Still waiting to see what my first paycheck with the deductions is. Thanks for the help.

Im guessing that this is the first time the kid has lived on his own. 3500 take home, 2000 on rent and still have 1200 left over . . . right. Dude, there's like a ton of other expenses that come into play that you haven't even considered.

60K is nowhere near enough money to afford a 2000 nut for housing. If I was at 60K, I would want my housing to be well below 1K, 800-ish would be ideal. Yeah, that might mean roommates and/or a not-so-nice place but that's what you can afford right now. Your housing should never be more than 25% of your budget. Period.

I make 60K and my rent is $350 a month in a small Midwestern town. $$$profit$$$

Woops, sweet double post.

It's okay, you didn't read my post GJ, I found a place for well under 2000, have been living in NYC for 2.5 years now, and have been budgeting fine. 800ish on rent living in NYC would be great, but its not realistic unless I want to live far from my office, or in the ghetto somewhere in JC, have you ever lived there? Vontropnats, that is awesome. More power to you dude.