New Jersey’s Income Tax is a “pay-as-you-go” tax. You must pay the tax as you earn or receive income throughout the year.
If the balance of tax due with your return is more than $400, and you did not pay your required estimated payments, you will be charged interest on the underpayment. This is true even if you pay all the tax due by the return due date.
For estimated tax purposes, the year is divided into four payment periods, each with a specific due date. If your estimated payments are made late, interest charges will be assessed from the due date of the payment(s) to the actual payment date(s). Interest is assessed at the annual rate of 3% above the prime rate.
Please see this New Jersey webpage for more information.
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