New Jersey Department Of Revenue, New Jersey Tax

New Jersey Business Corporate Tax, New Jersey Personal Income Tax, New Jersey Sales Tax Rates

What are the New Jersey corporate net income tax rates?

0-50,000                  6.5%
50,000-100,000      7.5%
100,000 +                 9%

All Corporate returns have a $375 minimum payment, AND starting for the 2009 Tax season, the New Jersey Division of Revenue is making you pay half of it for the next year at the same time.

New Jersey LLCs only have a $150 per member minimum payment, but if your LLC is taxed as an S corporation with the IRS, you’ll be forced to pay the $375 minimum tax.

What are the New Jersey personal net income tax rates?

0-20,000                      1.4%
20,000-35,000            1.75%
35,000-40,000            3.5%
40,000-75,000            5.525%
75,000-400,000          6.37%
400,000-500,000       8%
500,000-1 Million       10.25%
1 Million +                     10.75%

There are also a lot of local income taxes with an average rate of .09%.

What is the average New Jersey sales tax rate?

7%

Are there standard deductions?

Single:  zero
Joint:  zero

Are there personal exemptions?

Single:  $1,000
Dependents:  $1,500

What forms do you file for your New Jersey taxes?

C corporations:   Form CBT-100
S corporations:  Form CBT-100S
Partnerships:  Form NJ-1065
Individual:  Form NJ-1040

Estimated tax payments?

Form NJ-1040ES for personal return. New Jersey follows the IRS standards for estimated payments. If you will owe $400 or more in tax for the current year, you are required to make 90% of the tax due, over quarterly payments. It has to be at least 100% of the previous year, even if you think you won’t make as much in the current year.

New Jersey Department of Revenue:

New Jersey Department of Revenue
P.O. Box 308
Corporate Filing Unit
Trenton , NJ 08646
Telephone: 609-292-9292
Fax: 609-984-6851
NJ Department of Revenue Website

If you use Northwest Registered Agent as your New Jersey non profits for only $100.