Originally Posted by
11atsomto
What year was this? As New Jersey is not below 6% unless your IGA'd <$75,000.
Its nice when some states and municipalities don't raises taxes unabated as they do in the Northeast......but don't get to comfortable in Florida or Tennessee.........we humans we recreate what we flee......its in our nature no matter how irrational. (See don't make here there)
This year. 6.37 is the top marginal rate I pay, with less on the first $150k.
Effective tax rate is under 6.
Don't confused top marginal with Effective.
Married, no kids. Own house. Some disabled veteran exemptions.
Just did my full incom, no writeoffs. Off the NJ.gov form, works to 5.5%
Off form NJ-1040
Table B Married Couple
For line 41 taxable income 150-500k,
Tax owed is (Income * .0637 ) - 4042.5
Worst case, my whole W2 is taxable (it's not, I have deductions)
$477,600 * .0637 = $30,423.12
$30,423.12 - $4042.5 = $26,380.62
$26,380.62 ÷ $477,600 = 5.52%