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Lane
Lane, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 3695
Experience:  Providing Financial & Tax advice since 1986
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I have been offered a job in New York state with a salary of

Resolved Question:

I have been offered a job in New York state with a salary of $115,000. I am single, head of house hold, claiming only myself as a dependent. What will my monthly net salary be after NY state and federal taxes are taken out? Thank you!
Submitted: 11 months ago.
Category: Tax
Expert:  Lane replied 11 months ago.

NPVAdvisor :

















Income Tax Calculations
New York

Federal
Gross Income$115,000.00$115,000.00
Deductions for AGI($0.00)($0.00)










Adjusted Gross Income (AGI)$115,000.00$115,000.00




















Deductions and Personal Exemptions
Standard Deduction (Head Of Household)($7,500.00)($8,700.00)
Personal Exemption (One dependant)($0.00)($3,800.00)










Taxable Income$107,500.00$102,500.00































Federal Income TaxHide Calculations $20,270.00




























Tax BracketCalculationMarginal Tax
0.$0.00+$12,400.00 × 10%$1,240.00
1.$12,400.00+$34,950.00 × 15%$5,242.50
2.$47,350.00+$55,150.00 × 25%$13,787.50

New York Income TaxHide Calculations$6,966.75








































Tax BracketCalculationMarginal Tax
0.$0.00+$8,000.00 × 4%$320.00
1.$8,000.00+$3,000.00 × 4.5%$135.00
2.$11,000.00+$2,000.00 × 5.25%$105.00
3.$13,000.00+$7,000.00 × 5.9%$413.00
4.$20,000.00+$87,500.00 × 6.85%$5,993.75

Additional TaxesN/AN/A










Gross Tax$6,966.75$20,270.00











Tax Credits & PaymentsN/AN/A










Owed Tax$6,966.75$20,270.00






























Gross Income

$115,000.00
Total Tax (Pre-Credits)

$27,236.75
Total Owed Tax

$27,236.75
After-Tax Income

$87,763.25
Effective Tax Rate

23.68%
Expert:  Lane replied 11 months ago.
Our chat has ended, but you can still continue to ask me questions here until you are satisfied with your answer. Come back to this page to view our conversation and any other new information.

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Expert:  Lane replied 11 months ago.
Hi Taryn,

Looks like the formatting didn't carry over very well.

Let me see if it comes through better here in the nQ&A mode:

Income Tax CalculationsNew YorkFederal
Gross Income$115,000.00$115,000.00
Deductions for AGI($0.00)($0.00)
Adjusted Gross Income (AGI)$115,000.00$115,000.00
Deductions and Personal Exemptions
Standard Deduction (Head Of Household)($7,500.00)($8,700.00)
Personal Exemption (One dependant)($0.00)($3,800.00)
Taxable Income$107,500.00$102,500.00
Federal Income TaxHide Calculations $20,270.00
Tax BracketCalculationMarginal Tax
0.$0.00+$12,400.00 × 10%$1,240.00
1.$12,400.00+$34,950.00 × 15%$5,242.50
2.$47,350.00+$55,150.00 × 25%$13,787.50
New York Income TaxHide Calculations$6,966.75
Tax BracketCalculationMarginal Tax
0.$0.00+$8,000.00 × 4%$320.00
1.$8,000.00+$3,000.00 × 4.5%$135.00
2.$11,000.00+$2,000.00 × 5.25%$105.00
3.$13,000.00+$7,000.00 × 5.9%$413.00
4.$20,000.00+$87,500.00 × 6.85%$5,993.75
Additional TaxesN/AN/A
Gross Tax$6,966.75$20,270.00
Tax Credits & PaymentsN/AN/A
Owed Tax$6,966.75$20,270.00
Gross Income $115,000.00
Total Tax (Pre-Credits) $27,236.75
Total Owed Tax $27,236.75
After-Tax Income $87,763.25
Effective Tax Rate 23.68%
Lane, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 3695
Experience: Providing Financial & Tax advice since 1986
Lane and 2 other Tax Specialists are ready to help you
Expert:  Lane replied 11 months ago.

As a follow-up Taryn, you can go here and input the numbers yourself ... very easy to use: http://www.tax-rates.org/new_york/income-tax

Just go to the NY state income tax estimator (Section 2) about halfway down the page.

Hope this has helped,

Lane

If this HAS helped, I would appreciate a feedback rating of 3 (OK) or better … That's the only way they will pay us here.

HOWEVER, if you need more on this, PLEASE COME BACK here, so you won't be charged for another question.

Customer: replied 11 months ago.

Hi Lane,


 


 


Thanks for your answer, very helpful. Any suggestions as to what I might do to lower that 23.68% tax bracket? How can I keep more of my money?


 


 


Thanks,


Taryn Bailey


XXX@XXXXXX.XXX
Expert:  Lane replied 11 months ago.

The very best way, in my opinion, is to save money into your employer's 401(k) plan.

Every dollar reduces your taxable income (as with any other tax deduction) BUT you get to keep the money ... AND it grows tax deferred (no 1099 on that growth every year).

Other less direct benefits are investing in your own home, if you Do decide to take out a mortgage, the interest is tax deductible, as you build equity in your home,,, AND when you sell, you get to exclude any capital gains (up to 250,000 for single and 500,000 for a married couple filing jointly)

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