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Thread: Moving to NYC from SG

  1. #1

    Default Moving to NYC from SG

    I Live in Singapore with my wife and have been offered a job in NYC. the package is $150,000.

    I would like to relocate to NYC and would do so on an O1 visa while my wife would come on an O3 visa.
    I would like to ask, what all taxes will I be liable to? example: federal tax, social security etc
    and how much would it come out to be?

    Also the with the leftover salary will be able to lead an upper middle class lifestyle and save as well.

    Also in Singapore my company has covered me and my wife with a medical insurance. is the norm in NYC as well or is that something I need to negotiate?

    Thanks

  2. #2

    Default

    As a nonimmigrant visa holder (I believe) you won't have to pay social security or medicare taxes. In terms of federal tax you're looking at about 23% (filing as married) and another 6% or so on state followed by 3% or so city tax. I'm estimating off the top of my head, I'm sure others on here are much more qualified to comment.

    You're looking at a net income of around or about 102,000. Not sure what your accommodation costs will be but if you want to live in Manhattan you won't be saving much.
    Last edited by IrishInNYC; March 27th, 2014 at 11:45 AM.

  3. #3

    Default

    Dependng on your current benefits package, the big hit in income may come from healh care coverage. Chances are your healthcare benefits will be partly (but not fully) covered at group discount rates, and the level of coverage may not be as complete as it is in Singapore. Again, depending on your plan, you may not (in fact probably will not) be covered for all expenses, you may have a deductible up to a max out of pocket expense, and may be responsible for "con-insurance" for some treatments.

    You should consult with an HR and tax expert before making the plunge. Marginal Federal Income Tax rates appear here:
    http://taxes.about.com/od/Federal-In...3-Tax-Year.htm

    As you can see the rates quoted in the chart are marginal so your average all - in rate will likely be less than the 25% listed on the chart. However you will also be taxed for NYS and NYC income as Irish indicates above. I don't know much about hosw SS or Medicare are taxed.

    Defintely consult with an HR administrator before making the final decision if one is available to you. Good luck.

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