Tax $ on $250000 income

Federal tax, single, 2008 = 68251/250000=27%

http://www.moneychimp.com/features/tax_brackets.htm

NJ tax, single, 2008 = 13799/250000=5.5%

Single taxpayers and married taxpayers filing separate returns face six rates:
-- 1.4 percent on the first $20,000 of taxable income.
-- 1.75 percent on taxable income between $20,001 and $35,000.
-- 3.5 percent on taxable income between $35,001 and $40,000.
-- 5.525 percent on taxable income between $40,001 and $75,000.
-- 6.37 percent on taxable income between $75,001 and $500,000.
-- 8.97 percent on taxable income of $500,001 and above.

calculation:

20000    20000    1.4    280        

35000    15000    1.75    262.5        

40000    5000    3.5    175        

75000    35000    5.525    1933.75        

250000    175000    6.37    11147.5        

                    
        Total=    13799    250000    6%