Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 11-01-2008, 06:58 PM
Junior Member
 
Join Date: Nov 2008
Posts: 1
NY vs NJ Taxes

I am new to the Us and will be working in NY city.
1,Where is it better to live (taxwise) NY or NJ?
2,Will have to make two tax statements?
3,How can I calculate how much I will be taking home?
4,Can I adjust federal withholding?Or is it equiveleant to what I will have to pay.?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 11-06-2008, 01:42 AM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,399
Blog Entries: 3
1,Where is it better to live (taxwise) NY or NJ?
Generally speaking, from a tax point of view some people find that living in NJ will result in lower State income taxes but then depending on the home you purchase, you will find that NJ property taxes are significantly higher than that of NY State. Thus, as long as you don't own a home in NJ, you could be taxed at a lower rate in NJ.

2,Will have to make two tax statements?
Yes, as a resident of NJ, and being employed in NY, you would be filing a multi-state tax return, that is you will file both a NJ and NY state tax return.

3.How can I calculate how much I will be taking home?
Actually, you can use about 60% of your gross as a take home net pay, assuming you are earning $70,000. but, this will again depend on your deductions.

4,Can I adjust federal withholding?Or is it equiveleant to what I will have to pay.?[/quote]
Yes, you can adjust your federal withholding by claiming more dependents or increasing your federal income tax withholding by an amount that you wish to avoid paying additional taxes on April 15th, 2009!

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Why Taxpayers should review State Taxes paid in 2007 versus Sales Taxes Paid in 2007? TaxGuru Itemized Deductions 1 03-04-2008 08:18 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning