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Old 09-27-2011, 03:16 PM
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NJ Resident Taking Job in NYC

Hello,

I am a NJ resident and have always worked in NJ. That made my income tax situation simple, pay the Federal Government and pay the State of NJ.

I am looking at taking a new position in NYC. The annual income will likely be $200K vs the $150K I make in NJ. What should I anticipate being my additional tax burden by taking this position? That is, regardless of who get my tax dollars, NJ, NY, NYC - what should I anticipate as my new tax rate?

Thanks to anyone who can help!



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Old 09-27-2011, 06:36 PM
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“I am looking at taking a new position in NYC. The annual income will likely be $200K vs the $150K I make in NJ. What should I anticipate being my additional tax burden by taking this position? That is, regardless of who get my tax dollars, NJ, NY, NYC - what should I anticipate as my new tax rate?”---->Since there is no reciprocal state tax agreement between NJ and NYS, you need to file NYS/ NYC income tax return(NYC charges a personal income tax administered and collected by the NTS Dept. of taxation and finance to city residents; s a non-resident of NYC, you who are Employee of NYCmust file Form 1127 and pay taxes each year. The tax is as a non-resident of NYS and claim NYS/NTC income taxes on your NJ return.)as a full year resident of NJ; you get a credit in NJ on your taxes paid to NYS/NYC on your NJ return. The credit is the lower of the amount you actually had to pay NYS (not the amount withheld, but the amount of tax due.) OR the amount of taxes NJ assesses on the NY income. You won't get a refund from NJ of the taxes paid to NY. Also, you do not need to report you NJ income to NYS/NYC.
You can visit the Website here for NYS/NYC income tax rates; New York state taxes
http://www.tax.ny.gov/pdf/2010/inc/n...te_150_201.pdf



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Old 09-27-2011, 07:11 PM
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Thank you so much. That is a bunch of useful information. I really appreciate it!



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