FEDERAL HIRE ACT OF 2010
Your company may qualify for two new tax benefits if you hire unemployed workers.
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The Federal Hiring Incentives to Restore Employment Act referred to as "HIRE" was signed into law by President Obama this March (IR-2010-33, March 18, 2010).
The focus of this Act is to accelerate the employment of workers that have been unemployed for over 60 days.
The potential benefit to your company is as follows: (See details below.)
- 6.2% Employer Social Security Tax exemption per hired employee
- $1,000 Business Income Tax credit
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Fastpay Payroll Services is committed to assisting our clients through these changes and can provide you with this incentive by eliminating the employer-paid component of the applicable FICA tax.
We can also provide you with reporting information for the business tax credits.
We recommend you continue to check our website for updated information regarding this bill and utilize the HIRE savings calculator to determine the impact of this legislation on your business.
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SAVINGS CALCULATOR |
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