live in ny, work in nj - what should I expect to pay in taxes?

[HJB417]

I'm trying to determine if it'll be cheaper for me to live @ home for free in nyc, or to get an apt in nj but the thing is, I don't know how much money I will have to pay in taxes as an out of state resident. I use http://www.paycheckcity.com/netpaycalc/netpaycalculator.asp to figure out how much gets deducted as a resident. I also read the documents @ http://www.state.nj.us/treasury/taxation/index.html?njit30.htm~mainFrame . After reading that, I think I get 5% taken out, does that sound right? thx. Also how much will I have to pay nyc in taxes?

 

[EagleKeeper]

Get your hands on some Fed/State tax S/W for 2004 and punch in the numbers.

People's percentage of income will be different based on their overall income and adjusted gross income plus the deductions.

It is easier for you to just do it yourself.

 

[mugs]

NJ income taxes are graduated, and you should not be paying 5% if you're debating living at home with your parents.
edit: meaning, you'd have to make a lot of money to pay that much.

FWIW, I live in NJ but worked in PA part of last year. NJ and PA have a reciprocal agreement in which my income in PA is taxed in NJ, not PA. NJ and NY may be the same way, whereas when I lived in NJ and worked in Indiana, I paid taxes to Indiana.

 

[Dessert Tears]

You can deduct your other state taxes from your NY state tax, not sure if NJ is an exception. If you live and work in NYC, you pay NY state and NY City tax. If you live in NJ, you pay (NY State - NJ State) + NJ State = NY State.