Labor & Employment Law

Hiring Incentives to Restore Employment (HIRE) Act

The new HIRE Act, signed by President Obama on March 18th provides tax incentives to those employers who hire unemployed workers.

Several important tax breaks are available:

1. If an employer hires, between February 3, 2010 and January 1, 2011, someone who has not been employed for more than 40 hours in the previous 60 days (as of that employee's start date), the employer is excused from paying the employer portion of the Social Security tax otherwise paid by the employer (6.2% of salary).
2. Under certain additional criteria, employers can receive a tax credit in 2011 for new employees hired and retained for 52 weeks – the lesser of $1,000 or 6.2% of wages paid for the 52 weeks.

The HIRE Act is predicted to be one of several news laws projected to stimulate job creation. Let's see what comes next!

Follow this link to: Hiring Incentives to Restore Employment (HIRE) Act
 

Full post as published by Strategic HR Lawyer on March 20, 2010 (boomark / email).