Charitable Nonprofit Exempt Withholding
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How to fill out Minutes Of First Meeting Of The Board Of Directors Of A Nonprofit Corporation?
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FAQ
The answer to this question is YES. The income you earn by working for a nonprofit organization is subject to federal and state/local income and payroll taxes.
If an employee qualifies for exemption from withholding, the employee can use Form W-4 to tell the employer not to deduct any federal income tax from wages. This applies only to income tax, not to Social Security or Medicare tax.
Enter ?Exempt? on line 7. Note: You must submit a new W-4 Form by February 15 each year to continue your exemption. Information provided by the IRS. For more information go to (Publication 505).
The exempt purposes set forth in section 501(c)(3) are charitable, religious, educational, scientific, literary, testing for public safety, fostering national or international amateur sports competition, and preventing cruelty to children or animals.
What is a not-for-profit organization? Similar to a nonprofit, a not-for-profit organization (NFPO) is one that does not earn profit for its owners. All money earned through pursuing business activities or through donations goes right back into running the organization.