For NJ Income Tax Filing the deadline is 15th April. New Jersey state has its own set of income tax forms and rules for filing taxes. NJ Income Tax Filing can also be done online and there are many websites which can help you in this process. You can save money and time by e-filing you tax returns in New Jersey.
For NJ Income Tax Filing, you need to know the current rates of income tax and the different income tax brackets. The income tax rates for NJ state are not aligned with the federal rates. NJ state legislation for tax, fixes the income tax rate which is variable from the federal rate. In NJ state your state and federal income tax is deducted from your paycheck every pay cycle.
NJ state has six income tax brackets and the state charges more tax, for the more income you earn. In the first bracket if you are earning up to $20,000 you are charged 1.4% income tax. The second bracket is for income $20,001 to $35,000 for which you are taxed at a rate of 1.75%. If you are earning $35,001 to $40,000 you have to pay tax at the rate of 3.5%. The next bracket is for incomes ranging from $40,001 to $75,000 which attracts tax of 5.525%. The second last bracket is for incomes from $75,001 to $500,000 which has a tax rate of 6.37%. Any income of $500,001 and above is charged 8.97% in the last bracket.
NJ income tax filing deadline is deferred for a day if there is no mail service on 15th of April. But better than snail mail many residents of NJ state are now preferring to file their tax returns online. The E-file system allows you to fill the different income tax forms and also submit them online. This can be done through websites of the state government and for NJ there is a separate e-file page.
If you are an employee, your employer should provide you with the W-2 statement. This gives detail of how much exactly you have earned during the year. For self-employed people there is an equivalent form to be filled.
Along with your salaried income you will have to add all the other incomes you may have earned like interests, dividends and so on. After adding all the incomes you have to subtract the deductions for which you are qualified. The figure you get will tell you what tax bracket you come under and you will have to file your tax according to the rate applicable to that income bracket.