TLEF316
Footballguy
I'm sure there are plenty of accountants here (or at least NJ--->NY commuters) so i figured I'd just throw this out.
I was offered a new job at my company today. Big bump in terms of responsibility and potential for advancement, but from a title and pay-band perspective, its a lateral move. Still a no brainer, as my current department is not well thought of and a total dead end for me. At my company, going to NY is the best way to get on the fast track, so here we are. LOOK AT ME!!!!
HR came to me with their initial offer today and I kinda feel like I'm being squeezed. Basically, they told me that since we're in the middle of compensation season, (had my review last week. Should hear about annual bonuses and raises by March 1) they decided to just roll my annual raise in with the bump to the new position and came in with an increase of about 7%. The problem is that the commute alone (I'd have to take the train in 3X per week) would eat up more than half that (although apparently there's a program we work with that might allow me to pay for some of that pre-tax) so by the time you factor in NY taxes, I honestly dont even think I'd come out ahead on this deal (at their current number)
So I'm just trying to get a sense of how much additional tax I'm looking at so I can make an educated guess of what I need to at least break even on take-home pay (again, plenty of other pluses to this job, including a likely higher bonus, which I'm obviously factoring in)
Its my understanding that I'd have to file in both states but that the taxes I pay in NY would somehow be credited against what I would normally pay in NJ. Are there any resources available that might give me an estimate of what that would look like? I realize there are a bunch of variables here, but for reference, I make low 6 figures and generally, my only deduction is my mortgage interest and everything associated with that.
Really just trying to get a ballpark so that I can counter with a figure that keeps me at least a little bit ahead of the game and compensates me for the commute (both in terms of actual $$ cost and lifestyle change).
TIA.
I was offered a new job at my company today. Big bump in terms of responsibility and potential for advancement, but from a title and pay-band perspective, its a lateral move. Still a no brainer, as my current department is not well thought of and a total dead end for me. At my company, going to NY is the best way to get on the fast track, so here we are. LOOK AT ME!!!!
HR came to me with their initial offer today and I kinda feel like I'm being squeezed. Basically, they told me that since we're in the middle of compensation season, (had my review last week. Should hear about annual bonuses and raises by March 1) they decided to just roll my annual raise in with the bump to the new position and came in with an increase of about 7%. The problem is that the commute alone (I'd have to take the train in 3X per week) would eat up more than half that (although apparently there's a program we work with that might allow me to pay for some of that pre-tax) so by the time you factor in NY taxes, I honestly dont even think I'd come out ahead on this deal (at their current number)
So I'm just trying to get a sense of how much additional tax I'm looking at so I can make an educated guess of what I need to at least break even on take-home pay (again, plenty of other pluses to this job, including a likely higher bonus, which I'm obviously factoring in)
Its my understanding that I'd have to file in both states but that the taxes I pay in NY would somehow be credited against what I would normally pay in NJ. Are there any resources available that might give me an estimate of what that would look like? I realize there are a bunch of variables here, but for reference, I make low 6 figures and generally, my only deduction is my mortgage interest and everything associated with that.
Really just trying to get a ballpark so that I can counter with a figure that keeps me at least a little bit ahead of the game and compensates me for the commute (both in terms of actual $$ cost and lifestyle change).
TIA.
Last edited by a moderator:
