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However, earning that amount doesn't come without significant tax implications. From this salary, at least $34,000 is taken out in federal taxes, around $10,000 in state taxes, $13,000 in FICA contributions, and approximately $7,000 in local New York City taxes. These figures will increase if political tides shift (notably with potential changes in leadership), putting more financial pressure on residents.
Adding to this, daily expenses are taxed as well—every purchase, every service carries a tax, further eroding take-home pay. Ultimately, individuals in NYC might see over $60,000 of their income vanish into taxes, leaving roughly a third of their earnings to live on.