Employers Qualify for Tax Exemptions with New HIRE Act

Posted by in Recruiting, Hiring and Retention | Comments Off on Employers Qualify for Tax Exemptions with New HIRE Act

President Obama signed the Hiring Incentives To Restore Employment (HIRE) Act during March 2010. The Act provides employers with incentives to hire and retain new employees.

A qualified employer will be exempt from paying the employer’s share of 2010 social security employment taxes (6.2 percent of the first $106,800 of wages) of any new employee hired after February 3, 2010, and before January 1, 2011. The new employee must have been previously unemployed and does not replace another employee.

Employers can also qualify for a $1,000 income tax credit for every new employee they employ continuously for 52 weeks.

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