TRENTON — Incoming Gov. Phil Murphy wasted little time in igniting a feud against the only federal lawmaker from New Jersey who supported the House Republican tax bill that would curb the deduction for state and local taxes. Murphy, a Democrat, this weekend singled out U.S. Rep. Tom MacArthur, R-3rd Dist., who backed the legislation even… Read the rest of this entry »Posted: November 20th, 2017 | Author: admin | Filed under: New Jersey | Tags: New Jersey, Phil Murphy, Taxes, Tom MacArthur | Comments Off on Murphy vs. MacArthur: Trump tax plan vote ignites feud
Lt. Governor Kim Guadagno, the GOP nominee for NJ Governor, released a new television ad this morning contrasting herself with former Goldman Sachs banker Phil Murphy, the Democrat nominee.
Transcript: Read the rest of this entry »Posted: September 29th, 2017 | Author: Art Gallagher | Filed under: 2017 NJ Gubernatorial Politics, Kim Guadagno, Monmouth County News, New Jersey, Phil Murphy | Tags: 2017 Gubernatorial race, Hazlet, Kim Guadagno, Monmouth County News, New Jersey, Phil Murphy, Taxes | Comments Off on Guadagno releases new TV ad —Shot in Monmouth County
Tax Day is April 18 this year, giving us three extra days to prepare our annual fiduciary sacrifice to the Internal Revenue Service. And who do we have to thank? How about Abraham Lincoln? The deadline for filing federal taxes is April 15, unless its fall on a Saturday or Sunday, in which case Tax Day… Read the rest of this entry »Posted: April 10th, 2016 | Author: admin | Filed under: IRS, Taxes | Tags: Emancipation Day, IRS, Taxes | Comments Off on Why is Tax Day April 18 this year?
TRENTON — Democratic lawmakers on Monday are expected to reveal their plan for a state budget they say would bridge the gap between the $1.3 billion Gov. Chris Christie wants to spend on public worker pensions next year and the $3.1 billion unions are demanding. That plan likely relies on the controversial millionaires’ tax and a… Read the rest of this entry »Posted: June 21st, 2015 | Author: admin | Filed under: New Jersey State Budget | Tags: New Jersey Pensions, NJ State Budget, NJ State Legislature, Taxes | 4 Comments »
Got your ticket(s) yet?
If you win, take the cash option. Taxes are probably going up on the rich next year.
The jackpot is now up to $550 million.
Under current tax law, if you take the 30 year annuity your annual $18,333,333 will be taxed $4,583,333 by the IRS and $1,980,000 by the State if you live in New Jersey, for a net annual payment of $11,770,000.
If you take the $360,200,000 cash jackpot, the feds will take $90,050,000 and New Jersey will take $38,901,600, leaving you with a net payment of $231,248,400.
Art Gallagher | Filed under: Powerball lottery, Taxes | Tags: Powerball, Taxes | Comments Off on How much is the Powerball Jackpot worth after tax?