The Ridgewood Blog Brings a Free Market Laissez-faire Point of View to Local, New Jersey State and National Issues.
U.S. Soldiers Serving in War Zones Earn an Additional $225 Per Week in Military Pay
the staff of the Ridgewood
Ridgewood NJ, Service members deployed to dangerous war zones overseas are no longer subject to State Income Tax for combat zone pay under a new law sponsored by Senator Kristin Corrado and signed today by Governor Murphy.
Continue reading Combat Zone Pay Now Exempt from Governor Murphy Tax Grab
N.J. taxes second-worst in U.S.: Forbes
New Jerseyans already know it to be true, but a Forbes analysis of state-by-state tax burdens places the Garden State near the top of its “Worst States for Taxes” list. Samantha Marcus, NJ.com Read more
New Jersey Taxes Could Eat Up All Of Peyton Manning’s Super Bowl Earnings
This is a guest post from K. Sean Packard, CPA, who is Director of Tax at OFS. He specializes in tax planning and the preparation of tax returns for pro athletes. He can be reached at sean.packard@ofswealth.com and on Twitter at @AthleteTax.
Peyton Manning has the opportunity to pull a John Elway and ride off into the sunset as a Denver Bronco after winning his second ring, not that he wants to retire. His career will hinge upon an offseason exam on his surgically-repaired neck, according to ESPN ’s Chris Mortensen. Obviously, the most important implication of the exam will be Manning’s health. But whether his career continues will have an effect on how much tax New Jersey can collect from him for his appearance in the Super Bowl XLVIII.
Should the Broncos beat the Seahawks, Manning—and the rest of his teammates—will earn $92,000. The loser’s share in the Super Bowl is $46,000. So why does Manning’s future beyond February 2 matter to New Jersey? It would seem logical that the Garden State would apply its tax rates on the $92,000 or $46,000 Manning earns for his week in East Rutherford. Unfortunately, we are dealing with tax laws, not logic.