New Hampshire Contractors Withholding Certificate
Description
How to fill out New Hampshire Foundation Contractor Package?
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FAQ
If you are hiring a new employee, you must have that person fill out a W-4 form. If you are hiring an independent contractor, you must have that person complete a W-9 form.
NH has two corporate taxes: the Business Profits Tax (BPT) and the Business Enterprise Tax (BET). The BPT rate is 8.5% of income for corporations with gross receipts over $50K. The BET rate is 0.75% on the enterprise value tax base (total compensation paid out, including dividends and interest).
The state of New Hampshire does not require you to file Form W2 as there is no state income tax. Even though the State of New Hampshire does not require W2 Form, the IRS/SSA still requires you to file Form W2 to report wages and the taxes withheld for each of your employees for the year.
Every business organization with gross business income from all business activities of more than $50,000 must file a BPT return. For taxable periods ending on or after December 31, 2022, this filing threshold is increased to $92,000. The Business Enterprise Tax ("BET") was enacted in 1993.
New Hampshire does not currently have an individual income tax, so there is no withholding tax.
