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I am in a confusion,
I work for tcs and for retention, tcs is offering Canada onsite and they need 4 to 5 months to process the visa
I have 2 offers in hand one is CTS (16.3+ 70000) and HCL (19+3)
Hcl is pakka support project (operations) no chance of development. I am having 10 YOE and completely in development.
CTS not sure about project.
Fishes, can you please help me understand which is a better option that I have.
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How many years before your 401K vests?
Does anyone know if the same 401k rules apply at EY as Accenture so they will cap the contributions coming for your check say if you hit the yearly limits in August? So if you hit the 22,500 in 23 there is no way to go over for tax issues. Thinking to frontload next year contributions if market is down. EY
Happy layoff hunger games
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No *state* income tax. You still pay federal income tax, which is the vast majority of it.
Also, TX makes up for it with high property taxes.
I live in Illinois in the north suburbs and pay 15k a year in property taxes!
Rising Star
I have no words
🤦♂️
Pro
Saving around 4-5% in state taxes. That is all. And you pay it all back in form of high real estate tax, Less govt benefits, and a crap load of Ted Cruz nonsense
I’m fine with fewer government services since I have to deal with every Illinois politician corruption and nonsense.
The grass is greener.
No state* income tax and 52/2 = 26
Some companies like KPMG pay twice monthly (24 pay periods) vs every two weeks (26 pay periods).
Pro
As a counterpoint to everyone above, you can also just not pay your Federal taxes. Is it illegal? Yes. But will you go to jail? Also yes.
So, it is a criminal offense to not FILE your taxes - it is a civil offense to not pay them. If you file your taxes correctly every year and just don’t pay them, you won’t go to jail, but the federal government will try get their money.
Speechless as D4. How did you get by in life until now, OP? 😨
Rising Star
Did that happen in friends? I honestly had no idea
No STATE income tax, still pay Uncle Sam. So if you live in CA today and move to TX with the same salary you get an instant 6-13% raise
There is no state income tax. That does not mean no federal or FICA taxes
You still pay Federal Taxes, Social Security, etc. Just no state income tax
Go to paycheckcity.com - salary calculator. Compare your take home pay in your current state vs. your take home pay in Texas
Chief
This 👆
Just put in your info and you'll be able to see what the difference is between where you are now and TX.
Chief
Thanks everyone!!!! I feel so dumb!!!! Love yall !!!
Pro
Good on you for taking this one on the chin
The thing is…you have to actually live in Texas then…
Yeah but that weather…ooof
Which states or territories have no federal income tax?
Pro
There are some other countries without income tax (UAE, Monaco come to mind) but US citizens always will have to pay federal tax (with an exclusion up to a certain income amount).
Rising Star
You still pay federal income tax, social security etc - you just dont pay state or city taxes. (Often ~5-10%).
Just use any „take home pay calculator“
Rising Star
You still have to pay federal income tax. Some states don’t have state income tax.
No income tax means you only pay federal taxes. As a trade off, property tax and / or sales tax are significantly higher to offset.
Pro
Just look at your paystub from an old job, and add back in the line item for “state tax.”
All other deductions such as federal, fica, social sec still stand.
State income tax is fairly small comparing to all the other taxes you are paying... If that's the sole reason you are moving g to Texas, I'd reconsider..
Federal withholding, Social security (6.2%), Medicare (1.45%), on top of any deductions for healthcare premium, 401k, HSA , FSA, ESPP, etc.
I have to pay NY City and State taxes.