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re: Law Firm Cravath Raising Starting Salaries to $180,000

Posted on 6/6/16 at 7:13 pm to
Posted by EA6B
TX
Member since Dec 2012
14754 posts
Posted on 6/6/16 at 7:13 pm to
quote:

A 26 year old isn't buying in NYC


Average rent is $2K more than you put in your budget.

Federal income tax filing single with one exemption and standard deduction is $47K

State income tax and New York residence tax is $18K

So we are already at $115K, and still hasn't paid for health insurance or invested a dime in a 401K.
Posted by SlowFlowPro
Simple Solutions to Complex Probs
Member since Jan 2004
432390 posts
Posted on 6/6/16 at 8:03 pm to
quote:

So we are already at $115K, and still hasn't paid for health insurance or invested a dime in a 401K.

i'd imagine health insurance would be included in their employment package

and 10% in 401(k) is $18k

so you're at $97k to frick off with. even a $5k/mo apartment would leave you with $37k/year to do whatever you want. that's $3k/month for food, entertainment, etc
Posted by lsupride87
Member since Dec 2007
99657 posts
Posted on 6/6/16 at 8:27 pm to
quote:

Average rent is $2K more than you put in your budget.

bullshite. 3k is high end for a 1 bedroom. You can get a decent studio for 2000
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