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Taxes

state income tax

Most states levy an income tax on their residents that is in addition to the federal income tax. Laws vary from state to state but in most states the state income tax is a tax on the annual earnings of individuals, corporations, trusts, limited liability companies, and other legal entities.

There are nine states that do not have a state income tax—including Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming. But New Hampshire levies a tax on capital gains and Washington state recently enacted a tax on extraordinary profits from the sale of financial assets over $250,000.

In New Jersey, residents are subject to state income tax in addition to the federal income tax. The state income tax in New Jersey is levied on the annual earnings of individuals, corporations, trusts, limited liability companies, and other legal entities. The tax rates for individuals in New Jersey are progressive, meaning they increase as income rises. These rates can change, so it's important to check the current rates for the applicable tax year. New Jersey also taxes income from dividends and interest, and provides tax credits and deductions that can reduce the overall tax liability. Unlike the states mentioned that do not have a state income tax or only tax certain types of income, New Jersey has a more comprehensive income tax structure that affects most forms of income.

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Taxes

state income tax

Individual & Family Legal Plan

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New-Jersey State Code

Taxes

state income tax

New-Jersey State Code

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