The business income base equals federal taxable income, modified for items of income and deduction that New York treats differently, minus investment income and other exempt income, that is apportioned to New York State. The tax rates and fixed dollar minimum tax amounts provided on this page are for New York C Corporations only. a continuing section 186 taxpayer (Article 9).a nonstock or not-for-profit corporation, no part of whose net earnings inures to the benefit of any officer, director, or member.a transportation and transmission corporation (other than aviation corporations, corporations principally engaged in transportation, transmission, or distribution of gas, electricity, or steam (TTD corporations), and non-electing railroad and trucking corporations) (Article 9).an insurance corporation (including certain for-profit HMOs) (Article 33).Retrieved December 9, 2023.Information on this page relates to a tax year that began on or after January 1, 2023, and before January 1, 2024.Ī general business corporation that is subject to tax under Article 9-A is every corporation except: Title 54A New Jersey Gross Income Tax Act, New Jersey Statutes. Then match up at $500,000 in the second to the last income tax bracket compared to Single filing status.ĭivision of Taxation, State of New Jersey. Notice also the income tax brackets for Marriedįiling Jointly and Head of Household increase from $35,000 to $50,000 at the third tax bracket, Inserted into the third tax bracket position. Notice the New Jersey income tax rate of 2.45% Tax rate of 6.37% on taxable income between $150,001 and $500,000.įor the Married Filing Jointly and Head of Household filing statuses, an eighth tax rateĪnd income tax bracket appears.Tax rate of 3.5% on taxable income between $70,001 and $80,000.Tax rate of 10.75% on taxable income over $1,000,000.įor married taxpayers living and working in the state of New Jersey:.Tax rate of 3.5% on taxable income between $35,001 and $40,000.Tax rate of 1.4% on the first $20,000 of taxable income.To the highest NJ tax rate bracket of 10.75%.įor single taxpayers living and working in the state of New Jersey: We can also see the progressive nature of New Jersey state income tax rates from the lowest NJ tax rate bracket of 1.4% Individual income taxes differently for Single versus Married filing Looking at the tax rate and tax brackets shown in the tables aboveįor New Jersey, we can see that New Jersey collects The New Jersey income tax rate tables and tax brackets shown on this web page are for illustration purposes only. New Jersey income tax forms are generally published at the end of each calendar year, which will include any last minute 2023 - 2024 legislative changes to the NJ tax rate or tax brackets. Please reference the New Jersey tax forms and instructions booklet published by the State of New Jersey Division of Taxation to determine if you owe state income tax or are due a state income tax refund. Source: 2023 New Jersey State Tax Rate Schedule, published by the State of New Jersey Division of Taxation. New Jersey Head of Household Tax Brackets Income Tax Bracket New Jersey Married Filing Separately Tax Brackets Income Tax Bracket New Jersey Married Filing Jointly Tax Brackets Income Tax Bracket New Jersey Single Income Tax Brackets Income Tax Bracket
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