quick tax question
For those of you in NYC, say you make $100,000 total, how much do you take home? Assume federal is 28%, SS and Medicare: 8%, State& city: 10%, that's more than half paid in tax?
Do you get anything back in refund?
Last thing, base salary and bonus are treated the same, correct?
Thanks!
Base and bonus are treated the same, state taxes are tax deductible. You get exemptions based on your marital and living status, as well as some other deductions. Student loan payments are tax deductible, so are mortgage payments. There are a variety of things you can do to minimize taxes.
At $100,000 of income living in NYC id guess that your effective tax rate would be about 35%, though honestly I don't really know. I'm not an expert, but I'm sure someone will post with their experience.
If you contribute 15% to your 401k, you wind up with almost exactly half. Otherwise you take home around 60%
Pretty sure student loan payments are only tax deductible if you're making a really low all-in comp figure (~$65-70K). Can any one confirm?
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