If you get the Olympia Trails Airport Express Bus (just go outside the terminal there's someone there to direct you to the bus stop and onto the correct bus) you can get out at the Port Authority Bus Terminal which is at 42nd St/8th Ave. It is 2 blocks north and 1 block east to Times Sq. it costs about $12.
Yes it would cost you about $60 dollars plus 15-20% tip for a cab, but as already mentioned the bus is a much cheaper option and there really isn't much in it with regards to the journey time. The buses are very comfortable and air conditioned, and it is a 2 minute walk to Times Square from the Port Authority Terminal.