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Bonus is out for EY GDS steps to see. Goto gdsindiapayroll.greythr.com, click on IT Declaration on left. Then click on My Tax Planner at the top right. Then click create my plan then click view it calculation on bottom right then expand income here under adhoc income you should see variable performance bonus amout.
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Personally I did the opposite move (NY to NJ) & not having city income tax on top of state and fed is a nice savings - prob ~3-4k per year which is 1.5-2 months of rent !
This is helpful, thanks!
Chief
it’s roughly 3.5-4% more tax. There are a lot of small reasons I just prefer being in the actual city, but it’s a personal call. I really like to walk and bike places, and I find the hudson to be a pretty big impediment to that
This is helpful, thanks! Yeah I’m that way too, always in the city and I feel like moving further into JC while will take away from that experience. Then again the savings will go a long way too lol, so let’s see!
NY and NJ has a tax agreement so some of the taxes you pay for NJ is credited in NY (I may have switched who credit whom). Also if you don't live in NYC you save a bit in city tax as well.
Tax bracket does make a huge difference.
That makes sense, thanks!
What area in JC are you paying 1350 for a 1 bed?
Mine is 2095 and i still think it’s a great deal.
Chief
I’d still call that a great deal! I paid 2700 for a 1br years ago.
I think depending on your income and your rent, you might end up not paying that much more moving from JC to NYC. Actually my husband and I just did that! Rent in JC has increased insanely in March
The only diff is tax is the 4% city tax. The rest is pretty much awash
The difference in state tax rates covers the rate to commute (path pass) and you still save on a pointless city tax. So even if the rents were exactly the same (not likely), jersey would be the financially optimal solution.
On the downside, the tax agreement is one sided so if your paycheck withholds for ny then during taxes you will pay nj from your pocket and request ny for a refund. Ideally you should have the company adjust the tax forms so the withholding happens for the state you are physically working in to avoid the above.
Personally I also do not like the crypto restrictions and mining restrictions ny is placing, however I don’t like nj’s property tax system especially the “mansion tax”
For context I live in jersey city, pay 1350$ for rent on 550sq ft apartment (1bhk) and am walking distance to PATH. This apartment also allows me to keep pets without extra “fees”. I do miss the $1 pizza slices as the cheapest ones near me are $2 per slice if I get the combo. Lesser options for kombucha too
I’m also in my late 20s
Chief
It's not worth the move from NYC to NJ if you intend to own your home because the property taxes are much higher in NJ. If you're renting the 3% savings of NYC taxes helps if you earn a lot.