• New Jersey income tax law balances fairness to the taxpayer with the obligation of the state to collect taxes. The laws address various complex issues, such as who must file a tax return, what taxpayers are eligible for exemptions, the minimum tax on corporate income and what payment method the states accepts.
  
  

Who Must Pay

• New Jersey law requires every individual as well as those filing for estates and trusts to pay a state income tax if their gross income is $10,000 or more for the year. This requirement also applies to married couples who file separate returns. Married couples who file a joint return and heads of households and surviving spouses must file if their gross income is 20,000 per year or higher, according to website of the New Jersey Department of the Treasury.
  
  

Exemptions

• Income tax law in New Jersey exempts a certain amount of a person's gross income from taxation if he meets various eligibility requirements. For example, every taxpayer receives an individual exemption of $1,000. If a taxpayer has a spouse or domestic partner who does not file a separate tax return, the exemption is $1,000. The exemption is also $1,000 if the person filing the return is over the age of 65, with another $1,000 exemption if she has a spouse or partner not filing a separate return. The filer gets a $1,500 exemption for a dependent and a $1,500 exemption if he has a dependent age 21 or younger who is a full time college student, according to the New Jersey Department of the Treasury's Division of Taxation.
  
  

Corporations

• New Jersey imposes a minimum tax on corporations that operate in the state based on the amount of income they receive from their business activities in New Jersey. Corporations that have gross revenue of under $100,000 have a $500 minimum tax. Corporations with gross revenue between $100,000,and $500,000 have a $1000 minimum, while those with gross revenue of $500,00 to $1,000,0000 have a $1,5000 minimum. Corporations with over $1,00,000 in gross revenue must pay a minimum tax of $2,000.(see reference 2)
  
  

Payment

• New Jersey accepts checks or money orders for the payment of state income taxes. The taxpayer should place his social security number on the money order or check. Taxpayers also have the option of paying by electronic check on the Division of Taxation's website or by credit card. Visa, Mastercard, American Express and Discover credits cards are accepted.