![]() If you had a taxable income of $15,000 in a year, you would pay 5% tax on the entire amount, or $750. For example, let’s say the state of New Jersey has a flat tax rate of 5%. Some states have a flat tax rate, which taxes all income levels at the same rate. Your total tax liability for the year would be $850. If you had a taxable income of $15,000 in a year, you would pay 5% tax on the first $10,000 of income ($500), and 7% tax on the remaining $5,000 of income ($350).
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