Our Pain-Free Guide to Nonprofit Payroll Taxes
If you’re a business owner, you likely dread having to learn all the ins and outs of payroll taxes. It also likely costs you. However, if you have a nonprofit, the good news is that you could qualify for an exemption.
Even if you’ve run a business before, a nonprofit has different rules you need to know and play by. You can use this to your advantage, as is the case when it comes to Payroll taxes.
Payroll taxes are funds withheld either from the employee or the employer based on wages and paid to the state or federal government. One type of payroll tax is unemployment insurance, which is paid to the state by the Employer as a set percentage rate up to a certain amount of wages per employee, per calendar year.