In New Hampshire, the living wage for a single adult is $14.87 per hour, according to the MIT Living Wage Calculator. The living wage rises to $33.63 per hour for a family of two adults and two kids. The price of housing, food, healthcare, transportation, and other essential costs are taken into account in these estimates.
The New Hampshire minimum pay, which is currently $7.25 per hour, the same as the federal minimum wage, is lower than the living wage. The local minimum wage in some New Hampshire cities and towns, however, may be greater than the national and state minimum wages.
Employers in New Hampshire must pay the NH Business Profits Tax in addition to the livable wage. Businesses with a taxable year-end net income of $50,000 or more are subject to this tax. The due date for taxes, which are now 7.7% of net income, is the 15th day of the fourth month after the end of the tax year.
Education, healthcare, and public safety are just a few of the state and local initiatives and services that are supported by the NH Business Profits Tax. In order to avoid fines and interest charges, it is crucial for businesses in New Hampshire to be aware of their tax responsibilities and to file and pay their taxes on time.
According on the area and size of the family, the living wage in New Hampshire varies, although it is typically more than the local and national minimum wage. The NH Business Profits Tax, which is levied on employers in the state and goes toward supporting crucial services and programs, is also applicable in New Hampshire. It is critical for residents of New Hampshire to be aware of their financial commitments and to take the required actions to meet them.