![]() ![]() Įach state’s tax code is a multifaceted system with many moving parts, and New Jersey is no exception. The first step towards understanding New Jersey’s tax code is knowing the basics. In 2023, the 28 percent AMT rate applies to excess AMTI of 220,700 for all taxpayers (110,350 for married couples filing separate returns). The AMT exemption amount for 2023 is 81,300 for singles and 126,500 for married couples filing jointly (Table 3). New Jersey’s tax system ranks 50th overall on our 2023 State Business Tax Climate Index. The AMT is levied at two rates: 26 percent and 28 percent. 2022 Tax Rate Comparison 2022 Percentage of Tax. The seven tax rates remain unchanged, while the income limits have been adjusted. County tax: 1.413 School tax: 0.993 Municipal tax: 1.385 Total tax rate: 3.791. ![]() New Jersey has a 6.625 percent state sales tax rate, a max local sales tax rate of 3.313 percent, and an average combined state and local sales tax rate of 6.60 percent. The IRS released the federal marginal tax rates and income brackets for 2022 on Wednesday. New Jersey has a 6.5 percent to 11.5 percent corporate income tax rate. There is also a jurisdiction that collects local income taxes. How does New Jersey’s tax code compare? New Jersey has a graduated individual income tax, with rates ranging from 1.40 percent to 10.75 percent. What is My Tax Bracket Different tax rates apply to different portions of your taxable income. Learn how to calculate how much tax you can expect to pay on your upcoming bonus. Taxes in New Jersey New Jersey Tax Rates, Collections, and Burdens Your annual bonus from your company is subject to income taxes. ![]()
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