Tax Rates for NH Businesses
The information contained below was compiled in most part from
Does NH have an Income Tax or Sales Tax? | Frequently Asked Questions.
Payroll Related Taxes:
- Self-Employment Tax (Federal)
15.3%, which is a total of 12.4% for social security and 2.9% for Medicare. Maximum earnings subject to the social security tax is $110,100 in 2012. All net earnings of at least $400 are subject to the Medicare.
- Matching Social Security Tax (Federal)
6.2% of Gross Pay on first $110,100 in 2012 of Gross Pay per employee. For old-age, survivors, and disability insurance.
- Matching Medicare Tax (Federal)
1.45% x Gross Pay per employee (no limit on covered wages) For hospital insurance.
- NH Unemployment Tax (SUTA)
0.05%-7% of the first $10,000 effective January 1, 2010, $12,000 effective January 1, 2011, and $14,000 effective January 1, 2012 of Gross Pay per employee (State sets rate: 3.2% if no prior experience)
- Federal Unemployment Tax (FUTA)
6.2% (Less up to 5.4% of SUTA paid) of the first $7,000 of Gross Pay per employee
- NH Business Enterprise Tax
See below
NH State Income Tax:
NOTE: NH does have a State Income tax, in spite of what is often claimed. Businesses pay 8.5% income tax on profits; individuals, partnerships, and LLCs pay 5% income tax on interest and dividend income; and employers pay 0.75% income tax on employee wages, salaries, bonuses, commissions, interest expense and dividends paid.
- NH Business Profits Tax (NH BPT)
8.5% on Income from business conducted in NH (If Gross Sales > $50,000)
- NH Interest and Dividend Tax
5% tax assessed on interest income and dividend income of resident individuals, partnerships, limited liability companies, and fiduciaries
- NH Business Enterprise Tax
See Below (includes 0.75% tax on employee wages, salaries, fees, bonuses, commissions, other compensation, interest expense and dividends paid).
Other State Taxes:
- NH Business Enterprise Tax (NH BET)
0.75% of Total Enterprise Base (Total Compensation, Interest Expense, and Dividend Expense) (If Sales > $150,000 or Enterprise Base > $75,000)
- Effective January 01, 2013 - [If Sales > $200,000 (previously $150,000) or Enterprise Base > $100,000 (previously $75,000)] must file an NH enterprise tax return on or before March 15.
- NH Workmen's Compensation
Every employer who has any employees, full or part-time, is required to cover these employees with workers' compensation insurance written by a carrier.
- NH Education Property Taxes
$1.78 to $3.30 per $1,000 (for FY-2009) of total equalized valuation
- Local Property Taxes
Includes Town, Local Education, and County property taxes. Refer to local taxing jurisdiction
