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ljk1006
September 28th, 2011, 12:34 PM
My husband has just been offered a job in Manhatten on $100K.
They will cover our transfer, visas, health insurance and accomodation for the first month.

We have a 2 year old daughter, a nanny and a mountain dog that we are bringing with us and would ideally like to rent a 3/4 bedroom house in South Westchester or somewhere else that is less than a 1 hr commute to south Manhatten but still a nice area.

We dont need to cover the nanny's wages with my husbands salary but we do need to house, heat and clothe us all, (we are also trying to put away $1000 a month to buy a house when we go home) will we have a decent standard of living or are we going to struggle?

Help!

stache
September 28th, 2011, 02:41 PM
What do you call decent? What is your standard of living currently?

ljk1006
September 29th, 2011, 02:41 AM
We cover all our bills, food, petrol, cable, 2 cells, dog food, one big 3yr old car, save $1000 a month and have about $1900 left over for spending/going out etc.

Ninjahedge
September 29th, 2011, 08:36 AM
You need to check the rents.

$1900 a month for spending cash is rather large. Living anywhere near the city on $100K, with a kid AND expecting to have that much afterwards is unrealistic.

ljk1006
September 30th, 2011, 03:45 AM
Ok, my husbands salary should work out at just over $6000 a month.

We are now looking at renting in Bergen County and rent seems to be $2000-$2500 a month and i understand we dont pay local tax as renters.
So will our bills (gas/electric/car insurance/contents insurance/pet insurance/food/petrol/tv/phone/cells etc) come to more than $2000 dollars a month?

I realise this is all very subjective, I am just trying to get a ball park figure.

Thank you for all your comments.

stache
September 30th, 2011, 11:31 AM
That means he would take home about a thousand dollars a week, which after your rent is going to give you $500.00 a week which will have to cover all other expenses.

Edit: Never mind as I was calculating taxes on your after tax income.

Ninjahedge
September 30th, 2011, 02:49 PM
$6000/mo - $2000 = $4000/mo. Given a smaller 2 bedroom (1500 SF) you are looking at maybe $200-$300 a month in utilities (if you have good windows, do not need it 60 in the summer, etc).

But that also does not include:
Transit tickets/Gas
Car insurance/maintenance/Other costs
TV/Phone/Internet
Food
Clothing
Medical bills
retirement savings (401?)

All these are things you have to start putting down. Look at what you spend and on what and then get an idea of what you will need here.

Where are you coming from?

eddhead
September 30th, 2011, 04:57 PM
Wait a sec.... $6K per month works out to $72K a year take home against $100K gross (your first post) That take home seems kind of high considering deductions for Fed, State and Local Tax witholdings , medical premiums, 401K, etc...

In other words, your total withholdings are only 28% of your gross.

You might want to recheck your numbers.

antinimby
September 30th, 2011, 07:49 PM
You will survive. There are plenty of people around here that make do with a lot less than that.

stache
September 30th, 2011, 09:04 PM
Yes but her point was will the standard of living suffer? It sounds like it would.

antinimby
October 1st, 2011, 10:26 AM
Nobody "suffers" making 100K a year, not even in this area and she never told us what her standard of living was before.

For all we know, it might actually be a step up from where she is coming from.

lofter1
October 1st, 2011, 12:14 PM
For any numbers you come up with for costs make sure you add 10%. You'll spend something close to that just moving around NYC doing everyday kind of things.

stache
October 2nd, 2011, 01:02 AM
We cover all our bills, food, petrol, cable, 2 cells, dog food, one big 3yr old car, save $1000 a month and have about $1900 left over for spending/going out etc.

^ This is what she gave us as an indication of her current standard of living, and I think she is using the term 'suffer' similar to saying a diamond might suffer part of its brilliance in murky lighting. It's a relative term.

Don31
October 2nd, 2011, 08:03 PM
Folks "survive" making a lot less. I know its all relative, but different phrasing would've been better. Just sayin.....

ljk1006
October 3rd, 2011, 05:28 AM
Wait a sec.... $6K per month works out to $72K a year take home against $100K gross (your first post) That take home seems kind of high considering deductions for Fed, State and Local Tax witholdings , medical premiums, 401K, etc...

In other words, your total withholdings are only 28% of your gross.

You might want to recheck your numbers.

I worked out the $6K a month take home after tax using some website that works it wout for you, (we will only be paying fed & state tax as we have been told we dont pay local as renters, my husabnds co will cover medical for all of us and I dont know what a 401K is) - does $6K take home still seem high based on that info?

antinimby - I am coming from Surrey in the UK.

eddhead
October 3rd, 2011, 12:13 PM
You better check with a tax attroney. Generally, renting does not preclude you from paying local income tax; it does preclude you from paying property tax. $6K ($72 p.a.) against a $100K p.a. base seems on the high side to me.

NYS Tax rate is 7% for income over $20k p.a. http://www.tax-rates.org/New_York/income-tax

Local Tax could be about 3.5 % or so depending on the county you live it

Fed Tax for your bracket would be 25%


Of course this based on gross income, not adjusted income, and does not take deductions into account but you are looking at 37% not including other deductions (401 K is a retirement plan your husband may contribute toward). That leaves you with about $63K in take home or a little more tahn $5K per month - not as bad as I thought actually.

You should definetly speak to a financial advisor though. Look at your current deductions, as a base and use that to calculate your take home. If it is close to what we see above, you're probably in the ballpark.

EDIT: Just reread your previous post. Clearly you cannot look at your current deductions given you are coming from Surrey. Sorry, Surrey. The 5K take home per month is based on non-adjusted income, so you could be OK. Still, to be conservative I would go with that number.

ZippyTheChimp
October 3rd, 2011, 01:26 PM
We are now looking at renting in Bergen County and rent seems to be $2000-$2500 a month and i understand we dont pay local tax as renters.
So will our bills (gas/electric/car insurance/contents insurance/pet insurance/food/petrol/tv/phone/cells etc) come to more than $2000 dollars a month?.Don't forget health care insurance. If not provided by your employer, you'll have to purchase coverage.

eddhead
October 3rd, 2011, 01:33 PM
The OP indicated that the husband's employer will pay for Medical which I agree is a huge consideration.

ZippyTheChimp
October 3rd, 2011, 01:39 PM
I guess I read this wrong: "They will cover our transfer, visas, health insurance and accomodation for the first month."

eddhead
October 3rd, 2011, 01:44 PM
I guess I read this wrong: "They will cover our transfer, visas, health insurance and accomodation for the first month."

Ahh... .I am reading this:


I worked out the $6K a month take home after tax using some website that works it wout for you, (we will only be paying fed & state tax as we have been told we dont pay local as renters, my husabnds co will cover medical for all of us and I dont know what a 401K is) - does $6K take home still seem high based on that info?

antinimby - I am coming from Surrey in the UK.


which is why I also brought up local income tax. The local tax the poster referred to (when indicating they do not have to pay it) appears to be property tax not income tax.

Healthcare is definetly a big expense if they have to pay it after the first month, and will need to be factored into their budget.

Ninjahedge
October 3rd, 2011, 01:55 PM
Most jobs will only pay out a portion of the insurance bill.

My own, for a family, costs me about $500/mo pre-tax. (The full cost is somewhere near $2000/mo)

As a rough estimate, figure you will get 60% of your salary back with moderate expenses after tax. After that it all depends on what kind of life you wish to live.

No car and nice neighborhood will cost different than car in a more suburban area.

I wish I could help more on this, but $100K in most of the areas convenient to NYC is cutting it relatively close, unless you are willing to sacrifice a few amenities or forego any kind of long-term financial plans.