Bulge Bracket Summer Intern Salary Questions
Is 70k prorated for 10 weeks calculated as 70/52 * 10 or 70/(working weeks) * 10?
Also, in all honesty, how much can I expect to be left with in the summer (after housing in nyc/food/other expenses/taxes)? I've heard people come out with barely anything...
It's the former. You will get taxed at 33-35% all in, but you will get a decent refund when you file your tax return since the taxes were deducted based on the fact that you will have only worked 10 weeks, vs. 52.
Expect to break-even, or have some net savings after your summer is over post-rent and other expenses. But you should have received a $2k relocation bonus which should help you offset these expenditures assuming ur at a BB.
How on earth do you end up with nothing? You should be left with at least 10k, more along the lines of 15k+ if you don't spend very much and work a lot of overtime.
70k prorated / 52 weeks = 1346.15 * 2 biweekly gross = 2692.31 * (1-.33 Tax) = 1803.85 * 5 Pay Periods = 9019 + 2K Relocation * ~(1-.45 Tax) = 10119.23. That's assuming no OT. Unless your rent is 3000 dollars a month, I don't see how you end up with nothing..
a lot of BBs, particularly the foreign ones, will pay you 1.5x hourly salary for overtime. which is like an additional $10,000 in your pocket
Is this for NYC? I've heard that is the case in California, but not in manhattan
In NYC, many of the banks pay overtime as half (1/2) of your base hourly pay.
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