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New Jersey has a graduated Income Tax rate, which means it imposes a higher tax rate the higher the income. Since a composite return is a combination of various individuals, various rates cannot be assessed. Therefore, the composite return, Form NJ-1080C, uses the highest tax bracket of 10.75%.
The New Jersey income tax has seven tax brackets, with a maximum marginal income tax of 10.750% as of 2024. Detailed New Jersey state income tax rates and brackets are available on this page.
The state income tax rates range from 1.4% to 10.75%, and the sales tax rate is 6.625%. New Jersey offers tax deductions and credits to reduce your tax liability, including deductions for...
AARP’s state tax guide on 2023 New Jersey tax rates for income, retirement and more for retirees and residents over 50. Here’s what to know, whether you’re a resident who’s working or retired, or if you’re considering a move to New Jersey.
What are the NJ tax rates? The New Jersey income tax brackets vary between 1.4% and 10.75%, depending on your filing status and adjusted gross income. For a New Jersey resident that files their tax return as: Single or Married Filing Separately have seven possible tax brackets.
Gross Income Tax is levied on gross income earned or received by New Jersey resident and nonresident individuals, estates, and trusts. Rate. New Jersey has a graduated Income Tax rate, which means it imposes a higher tax rate the higher the income. See Tax Rate Tables to calculate your tax. Filing Threshold.
New Jersey has a progressive income tax with rates that are among the highest in the nation. Property and sales taxes are also above average. Enter your financial details to calculate your taxes
Effective January 1, 2020, the tax rate on that income bracket increases from 8.97% to 10.75%, regardless of filing status. Income over $5 million is already subject to this rate.
New Jersey has a graduated state individual income tax, with rates ranging from 1.400 percent to 10.750 percent. There is also a jurisdiction that collects local income taxes. New Jersey has a graduated corporate income tax, with rates ranging from 6.5 percent to 9.0 percent.
You are able to use our New Jersey State Tax Calculator to calculate your total tax costs in the tax year 2024/25. Our calculator has recently been updated to include both the latest Federal Tax Rates, along with the latest State Tax Rates.