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Thursday, March 1, 2012

About Does living in New Jersey save you money if you work in New York

Does living in New Jersey save you money if you work in New York?
Correct me if I am wrong. If you work and live in New York.. you will have to pay NY City Tax + NY State Tax + Fed tax. If you live in New Jersey and work in New York instead. All you have to pay is NY State Tax + Fed tax so you will be saving on NY City Tax which could be few thousands.
United States - 2 Answers
People's Answers, Critics, Comments, Opinions :
Answer 1 :
Houses in New York is too expensive. A single family house can run you up close to $500,000. Living in New Jersey is a good idea if you don't mind the commute to get here.
Answer 2 :
What you save in NY City Tax will more than be eaten up by tolls or train fares

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Wednesday, February 1, 2012

About How much income tax do people working in New york city and living in new jersey have to pay

How much income tax do people working in New york city and living in new jersey have to pay?

United States - 1 Answers
People's Answers, Critics, Comments, Opinions :
Answer 1 :
It's fairly complicated, because they pay tax to both jurisdictions and then take a credit to avoid double taxation. Income from work is taxed by New York City at 4% at New York State at rates that go up to 6.85%, for a total of up to almost 11%. This is from a few years ago. The numbers may have changed. All income of NJ residents is taxed by NJ at a lower rate; I think it is around 2%, but do not remember exactly. NJ residents who work in NY then get a credit for whichever is less of either their NY taxes or the NJ taxes on the income from NY. Therefore, you pay NY tax rates on your income from work in NY and NJ taxes rates on your other income, such as investment income
  
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Sunday, January 1, 2012

About how to avoid nj taxes if i live in ny and work in nj

how to avoid nj taxes if i live in ny and work in nj?
I live in New York City and I work in New Jersey and I am getting killed in taxes. 39% of my paycheck is taxes: NYC tax, NY State tax, NJ State Tax, and Federal Tax. I know I will get a credit at the end of the year for the NJ taxes, but I need my money now. Is there anyway I can increase deductions so I can get more per paycheck and break even at the end of the year for the state taxes? is there a way figure out the expected credit and how many additional ny deductions would give me this credit amount?
United States - 2 Answers
People's Answers, Critics, Comments, Opinions :
Answer 1 :
If you manage to avoid having NJ taxes withhold, then you will have to pay them later, and will have to pay a large penalty for underwithholding. Instead, reduce the amount of NY tax withheld by approximately the expected amount of the credit. This will reduce the total withheld and will reduce or eliminate the refund that you receive from NY.
Answer 2 :
your tax home is where you work and you indicate that is NJ therefore you should be filing NJ state tax and non resident or part time in NY NY does have some additional taxes just for living in NY but you should be able to separate your NJ income to not be taxed by NY

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Thursday, December 1, 2011

About New York City Commute

New York City Commute?
I'm currently seeking employment in New York City and thinking about relocating near there in order to better my chances of getting a job. Since the city in expensive I'm looking to live in Jersey City. Anyone live in Jersey City and work in NYC? How long does it usually take to get from Jersey City to New York City by train or subway? Any info will help. Thanks!
Commuting - 1 Answers
People's Answers, Critics, Comments, Opinions :
Answer 1 :
Your best bet is to live near the PATH subway line, or at least near express buses to NYC. The PATH is only 1-2 stops from Lower Manhattan and has a branch into Midtown Manhattan. Express buses usually run more during peak hours. I would say that an average trip time from Jersey City to NYC would be about 30-40 minutes. When I plugged in Jersey City, it said a 23 minute walk to the PATH station, so take off about 10 minutes if you plan to live near a bus to the PATH train. The PATH is only 5-10 minutes from Lower Manhattan and 10-15 minutes from Midtown Manhattan once you get on it. Basically, live near a bus line to downtown Jersey City, where you can take the PATH train, or near the Hudson Bergen Light Rail, which also connects to PATH trains. Express buses may speed the trip up a little bit, as they don't involve a transfer, though you may lose the time in traffic in the Holland Tunnel. See panynj.gov for information on PATH service, njtransit.com for information on bus and light rail service, and mta.info for information on service within NYC

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Tuesday, November 1, 2011

About What are the various income taxes one pays if the person works in New York City and stays in New Jersey

What are the various income taxes one pays if the person works in New York City and stays in New Jersey?
For a person working in NYC, and living in NYC, the person pays Fed tax+ FICA + NY state tax + NYC city tax. If one works in NYC and stays in NJ., what are the taxes the person pays?
United States - 1 Answers
People's Answers, Critics, Comments, Opinions :
Answer 1 :
I think you would pay the same, but you should check with the IRS to be sure. If you are currently employed your company payroll department knows. Of course you also pay SSI

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