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I have been offered a job in New York state with a salary of

$115,000. I am single, head...
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!
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Answered in 4 minutes by:
7/30/2013
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,855
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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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%
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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
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,855
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified
Lane and 87 other Tax Specialists are ready to help you
Ask your own question now

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.

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Customer reply replied 4 years 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


[email protected]

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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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,855
12,855 Satisfied Customers
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