# Tax calculator for New York city



## byrneand (Aug 15, 2010)

Hi Everyone,

I'm playing with the idea of moving out to New York and am finding it extremely difficult to get to the bottom of what my tax rate would be (especially in light of the fiscal cliff deadline changes). 

I was wondering if anyone has seen a decent online caclulator that gives you an all in figure - e.g. including federal, state and local taxes.

I will be moving with my wife and will be earning over US$450k and so am trying to figure out what my worst case scenario is for tax rates. I'm currently based in South Africa and thus pay an all-in rate of 40% (although this is reduced through various reductions to around 26%). I'm trying to tax-adjust my current salary for comparative purposes before starting to look at cost of living (which i know will be higher).


If anyone has any advice I'd be most grateful.

Thanks!


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## belgarath (Jul 15, 2011)

Try this : Paycheck Calculator

By the way, what line of business are you in, if I may ask?


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## twostep (Apr 3, 2008)

As tax assistance should be part of your expat package - have you contacted HR?


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## stormgal (Sep 30, 2009)

belgarath said:


> Try this : Paycheck Calculator
> 
> By the way, what line of business are you in, if I may ask?


Yes, please answer the question, because I'll stay home and apply for your job as a regular US citizen! Quick!!! Where, where, where is the job posting, I want to apply for it!!


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## twostep (Apr 3, 2008)

As you already learned - there are federal, state and local taxes not to mention your specific circumstances. The "decent calculator" will probably a cpa (certified public accountant) specialising in expat tax. Google brings a number of them in the NY area.


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## jsharbuck (Jul 26, 2012)

Tax rate for $450 k Us income ? An arm and a leg plus your first born. You will have fed tax, state tax, social security tax, Medicare tax, mortgage taxes. Housing will be astronomical with rents being a minimum of $2,500 a month for an apartment.

I do believe you can get on IRS. Gov and at least calculate your fed taxes. Your overall tax rate will be 50 to 70 % and it will be freely given to those who don't work and hate you for being successful. We left the US last year for New Zealand and have a tax rate of 26%. Best of luck


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## belgarath (Jul 15, 2011)

@jsharbuck : The calculator described gives 260K net pay for 450K US annual income, can you please tell where do you get 50-70% overall taxes ? What is "mortgage tax" ?


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## jsharbuck (Jul 26, 2012)

The 50 to 70 % includes state sales tax on consumer items and in many cases food. This is in addition to State sales tax. Taxes are included in telephone, electric, and cable bills. Mortgage tax is a tax that is levied on your home if purchased. It varies also depending where you live. When I worked for Chase, taxes on average for Ny and NJ were sometimes 36,000 a yr and are rolled into your house note. Likewise in Montana our mortgage taxes were 260$ a yr. that is why I gave the range og 50 to 70.%. Did the calculator include all taxes or just the Federal rates?


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## twostep (Apr 3, 2008)

jsharbuck said:


> The 50 to 70 % includes state sales tax on consumer items and in many cases food. This is in addition to State sales tax. Taxes are included in telephone, electric, and cable bills. Mortgage tax is a tax that is levied on your home if purchased. It varies also depending where you live. When I worked for Chase, taxes on average for Ny and NJ were sometimes 36,000 a yr and are rolled into your house note. Likewise in Montana our mortgage taxes were 260$ a yr. that is why I gave the range og 50 to 70.%. Did the calculator include all taxes or just the Federal rates?


I presume you are talking about real estate tax which in turn is based on local milage rate and value of the property. 

OP asked about taxation on his income.


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## twostep (Apr 3, 2008)

jsharbuck said:


> Tax rate for $450 k Us income ? An arm and a leg plus your first born. You will have fed tax, state tax, social security tax, Medicare tax, mortgage taxes. Housing will be astronomical with rents being a minimum of $2,500 a month for an apartment.
> 
> I do believe you can get on IRS. Gov and at least calculate your fed taxes. Your overall tax rate will be 50 to 70 % and it will be freely given to those who don't work and hate you for being successful. We left the US last year for New Zealand and have a tax rate of 26%. Best of luck


What do deductions such as Medicare and Social Security have to do with tax?


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## jsharbuck (Jul 26, 2012)

It comes directly out of your gross wages. Social security tax is the retirement fund 6.2% of gross. Medicare is a tax that funds medical care and is I think also 6%. Even if not a citizen,, these are taken out in addition to the Federal taxes and State taxes. 
You also need to figure if your employer pays all your medical insurance. You may have to pay for your spouse and children's monthly premium. Also with the new tax code, you will be required to pay an additional .9% fee on your gross income over $450,000. The increasing tax rates are what made us leave the US


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## jsharbuck (Jul 26, 2012)

Property tax is not based upon any mileage rate. It is the assessment that a local taxing authority, county government levies on your purchased home. In Philadelphia, property taxes on a $450,000 home was 14,000. Rhis is added to your monthly house note. Interestingly mileage tax is on the horizon as part of Obama care. It is an effort to keep people from driving as much. A few years off but coming. It will be devastating to ranchers who drive all day to check on their ranches and livestock


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## Bevdeforges (Nov 16, 2007)

twostep said:


> What do deductions such as Medicare and Social Security have to do with tax?


In many places Medicare and Social Security are referred to as "payroll taxes" so many people consider them taxes rather than "social insurances." 
Cheers,
Bev


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