Taxes on Business Income in New Jersey

April 13, 2006

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As in every other state, the state of New Jersey has various types of taxes. All of these tax types are full of exceptions and extremely specific requirements. Below we have gone through the major tax types that affect small businesses. Our intent is to give you a general understanding of when the various taxes will apply to you and what they will mean to your business.

Franchise tax is required from most corporations doing business in New Jersey.
Income tax on business income computed based upon corporate taxable net income is required in New Jersey.
Personal income tax, based on a person's income, ranges from 1.4 percent to 8.97 percent of taxable income in New Jersey.