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1.4 percent to 10.75 percent
- Income tax: 1.4 percent to 10.75 percent There are seven tax brackets for single filers in New Jersey (eight for joint filers), ranging from 1.4 percent to 10.75 percent.
states.aarp.org › new-jersey › state-taxes-guide
Dec 4, 2023 · Find the tax table, tax rate schedules and composite return for New Jersey income tax. Learn how the tax rate varies by income level and filing status.
- What You Need to Know About New Jersey State Taxes
- New Jersey Income Tax Deductions
- New Jersey State Income Tax Credits
- Inheritance Tax and Inheritance Tax Exemption
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New Jersey requires you to pay taxes if you are a resident or a nonresident who receives income from a New Jersey source. 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 medical, alimony, and self-employed heal...
Medical Expenses
You may deduct medical expenses you paid during the year for yourself, your spouse or domestic partner and any claimed dependents—but only when the total exceeds 2% of your gross income. Allowable medical expenses include fees for doctor visits, prescription medicines, medical insurance premiums and the like. If a medical expense is reimbursed, however, you can’t deduct it.
Alimony Payments
You can deduct any court-ordered alimony payments on your tax return, but you can’t deduct child support payments.
Self-Employed Health Insurance
You can deduct the amount you paid for health insurance if you’re considered self-employed for federal tax purposes, or if you earn wages from an S corporationin which you owned more than 2% of shares. You can claim amounts you paid for yourself, your spouse, your civil union partner, your domestic partner and any dependents.
Earned Income Tax Credit
You can claim the New Jersey earned income tax credit (NJEITC) if you have claimed the federal earned income tax credit (EITC). Both the federal and state versions are refundable. Your NJEITC is 40% of your federal EITC amount. For example, if your federal EITC is $4,000, you may qualify for a NJEITC of $1,600. Your earned income tax credit may be prorated if you were a part-time resident.
Child and Dependent Care Credit
You can claim the state’s child and dependent care credit if you qualify for the federal version and your New Jersey income is less than $150,000. The state credit is refundable. You may qualify if you paid someone to care for your child under the age of 13 or for a spouse or dependent who lived with you for more than half of the year and can’t physically or mentally care for themselves. Your state child and dependent care credit is a percentage of your federal child and dependent care credit...
Do I Have to File a New Jersey Income Tax Return?
New Jersey requires you to file tax return if your income exceeds certain thresholds—which depend on your filing status—and you fall into one of the following categories: 1. Resident 2. Part-Year Resident 3. Nonresident
New Jersey has an inheritance tax. When a person dies, the assets are transferred from the deceased to the beneficiary, and the state of New Jersey may impose a tax on the transfer of assets. Conditions differ based on whether the deceased person was a resident or nonresident of the state. New Jersey does not, however, have an estate tax. It stoppe...
Estimate your New Jersey income tax for 2023-2024 based on your filing status, income and deductions. See the state tax brackets, rates and credits, and compare with federal taxes.
Find out the New Jersey income tax brackets, rates, deductions, and forms for tax year 2023. Compare New Jersey's income tax with other states and use the free calculator to estimate your tax liability.
Find out the NJ tax rates and brackets for single, married, and head of household filers for the 2023 - 2024 filing season. See the source, outlook, and comparison of New Jersey income tax rates with other states.
Find out the New Jersey income tax rates and brackets for tax year 2023, as well as deductions, forms, and calculator. Compare the New Jersey tax brackets with the Federal tax brackets and see how they affect your income.
Jan 1, 2024 · 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
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