State Tax Laws - New Jersey

New Jersey tax rates range from 1.4% to 8.94% for individual filers. The top tax rate doesn't come into play until $500,000 of income is reached. Only a $1,000 per person exemption is given, no standard deduction. Social security is not taxable, but pensions are.

New Jersey has an inheritance tax- meaning if you are given or bequested real property worth more than $500 the state wants you to pay somewhere between 11% and 16% of the value to them. Ouch! New Jersey also has a separate estate tax on estates valued greater than $675,000.

New Jersey also charges a tax on partnerships, based on a per partner fee. Corporate taxes are a flat 9% with a $500 minimum tax. More New Jersey tax information can be found at: http://www.state.nj.us/treasury/taxation/index.shtml


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