New Jersey Department of Revenue, New Jersey Tax

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

What is the New Jersey Corporate net income tax rate(s)?

All Corporate returns have a $500.00 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.

LLC’s only have a $125.00 per member minimum payment, but if your LLC is taxes as an S corporation with the IRS, you’ll be forced to pay the $500.00 minimum tax.

What is the New Jersey personal net income tax rate(s)?

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

What is the average New Jersey sales tax rate(s)?

7%

Are there standard deductions?

Single:  zero
Joint:  zero

Are there personal exemptions?

Single:  $1,000.00
Dependants:  $1,500.00

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 $400.00 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:

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