Considering an income of say 70K per year and, how much difference will it make in my taxes? I am not even sure if I have to file NY state taxes or NJ. Thanks in advance!
2007-05-02 04:40:40 · 6 answers · asked by khands_r 1 in Business & Finance ➔ Taxes ➔ United States
In NYC, landlords look for you to make at least 40 times the monthly rent, some ask for much more. Income of $70,000 isn't really enough in NYC to pay rent and enjoy live unless you split an apartment with at least one roommate. ($1,750 will get you a studio apartment in an old brownstone that probably won't have an elevator.)
You can look in Jersey City or Hoboken. I believe both towns have 24-hour mass transit access to NYC via the PATH train.
If you work in NYC but live in NJ you only pay NY state income taxes (marginal rate of 6.85%). You get credit toward your NJ liability (marginal rate of 6.35%) so you won't pay much if anything to NJ.
If you live in NYC, you also pay NY City taxes (top marginal rate of 3.648%) so you will pay more income taxes if you live in NYC. Also, NJ has a slightly lower sales tax (7% versus 8.375%). I don't know about Hoboken, but in Jersey City the sales tax rate is actually 3.5%.
2007-05-02 08:54:14 · answer #1 · answered by garyg7 7 · 1⤊ 0⤋
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2016-07-18 17:58:11 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Why Elizabeth? Newark makes more sense. Try the Hilton in Newark. It's rightthere by Penn Station (it's actually connected to the station). Newark Penn Station to New York Penn Station = 20 minutes by train. I recommend taking the NJ Transit Train rather than the Path. It's much more comfortable and faster. Have fun! Newark isn't "gross", it's a city rich in culture and history. A trip from Newark to New York is $4.00.
2016-05-18 22:30:52 · answer #3 · answered by ? 3 · 0⤊ 0⤋
If you live in one and work in the other, you'll pay state taxes at the higher of the two rates. However, if you live in Jersey and work in NYC, you won't pay the NYC city income tax. That's levied on NYC residents only, unless you work for the city itself. So unless you work for the City, you'll pay a bit less tax living in Jersey.
2007-05-02 04:52:33 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Rent-To-Own Homes - http://RentToOwnHome.uzaev.com/?csqr
2016-07-12 04:57:37 · answer #5 · answered by ? 3 · 0⤊ 0⤋
well r u a city boy? if u r then pick nyc
2007-05-02 04:48:13 · answer #6 · answered by lilnini_69_420 2 · 0⤊ 2⤋