Is It Cheaper To Live In NJ And Work In NY?

Are taxes higher in NY or NJ?

While both New York and New Jersey have relatively high income taxes, New Jersey’s lowest income tax rate is 1.4 percent while New York’s is 4 percent.

The lowest tax bracket is also wider in New Jersey than in the Empire State, as of 2018..

What salary do you need to live comfortably in New York?

To live a comfortable and satisfying lifestyle in New York, even when you have roommates splitting the cost, a yearly income of $50,000 or more is ideal.

What is a livable salary in New York?

Total: $2,524.50 per month. That’s $30,294 per year after taxes, which means that to live a reasonably comfortable life in New York City, a single person would need to make a salary of roughly $40,000 per year. This is a comfortable (though far from indulgent) budget.

What taxes do I pay if I live in NY and work in NJ?

Because you live in NY and work in NJ, you will file a nonresident return for NJ and resident return in NY. … The state income tax you paid to NJ will be applied as a credit to your NY on that same income. If you are due a refund from NJ, the program will calculate that for you and it will appear on the refund meter.

Do you get taxed twice if you live in NJ and work in NY?

The simple answer is yes. New Jersey residents who work in New York State must file a New York tax return and pay taxes on income earned in New York.

Can you live in NYC on 50k a year?

“I definitely think you can live comfortably on a salary of $50,000, even in New York City,” says Haskins. “It’s an expensive city, but I think if you know where your money is going and you recognize what your priorities are, it’s totally doable.”

Can you live in NYC on 70k a year?

Yes, definitely. Both Manhattan, depending on neighborhood, and most parts of Brooklyn. When I first moved to NY, I was only making $45k and I lived in Brooklyn. … At 70k, you can afford up to $1750 per month in rent (most places in NY require you to make 40 times the rent amount).

Is 80k a good salary in NYC?

You can do quite well in NYC with 80k/year depending. If you’re sharing an apartment you’ll have a lot more buying power, but 80k won’t put you in the lap of luxury. … If you’re sharing an apartment you’ll have a lot more buying power, but 80k won’t put you in the lap of luxury.

How much taxes do I pay if I live in NJ and work in NYC?

Since you work in NY, you should be having NY tax withheld from your paycheck, and not NJ tax. Your pay for working in NY is fully taxable by NY. You will owe little or no tax to NJ because you will get a credit on your NJ tax return for a large portion of the tax that you pay to NY.