![]() In some cases, the taxable amount you report for state tax purposes may be different from what appears on your federal return. The amount of the exclusion depends on your income and filing status. Taxpayers who are 62 and older or have a disability, and whose total income is $150,000 or less, can exclude all or part of their retirement income. See the New Jersey retirement income tax bulletin for more information. Pension and annuity income and IRA and 401(k) withdrawals are taxable in New Jersey, with a few exceptions. Watch the video below to learn how to identify your 2022 federal income tax brackets.Īre pensions or retirement income taxed in New Jersey? ![]() For example, if you’re a single filer and earned $75,000, the first $20,000 is taxed at 1.4 percent, the next $20,001 to $35,000 is taxed at 1.75 percent, and so on. Note that not all of your income is taxed at the same rate. Source: New Jersey Department of the Treasury There are seven brackets for single filers and eight for those who file jointly: However, some retailers in economically distressed cities are permitted to collect half the sales tax rate. The state levies a 6.625 percent sales tax on goods and services, and there are no local sales taxes.
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