Done some research on the topic but would like to lay it out more clearly/ get clearer insight.
How much would a 1st year IBanker in NY receive after taxes?
Assuming $70,000 base and $40,000 bonus (correct me if I'm wrong on the bonus)
What I gather:
-Federal Tax: 35% bracket
-NY State 7.7%
Seems like after-tax and assuming $18k/yr housing ($1500/mo. x 12), I'd be left over with roughly $50k in the bank?
1) Are these assumptions correct? Should I adjust any numbers and what will that come out to?
2) Not to dodge the IRS but is there a way to NOT get destroyed by taxes? I.e. start a company and write-off certain expenses...?
Any insight/clarification would be greatly appreciated.