Free Special Resources
Get Your FREE Special Report. Download Any One Of These FREE Special Resources, Instantly!
Featured Special Report
Claim Your Free Cost Per Hire Calculator
This handy calculator lets you plug in your expenses for recruiting, benefits, salaries, and more.

Graphs automatically generate to show you your annual cost per hire and a breakdown of where you are spending the most money.

Download Now!
March 26, 2010
Obama Signs Tax Breaks for Hiring New Employees

President Barack Obama has signed legislation that gives two new tax benefits to employers hiring workers who were previously unemployed or only working part time. The tax breaks are part of the Hiring Incentives to Restore Employment (HIRE) Act.

For a Limited Time receive a FREE Compensation Market Analysis Report! Find out how much you should be paying to attract and retain the best applicants and employees, with customized information for your industry, location, and job. Get Your Report Now!

Employers who hire unemployed workers after February 3, 2010 and before Jan. 1, 2011, may qualify for a 6.2-percent payroll tax incentive (their share of Social Security taxes on wages paid to these workers after March 18, 2010).

To qualify for the tax benefit, the employer must get a statement from each eligible new hire certifying that he or she was unemployed during the 60 days before beginning work or, alternatively, worked fewer than a total of 40 hours for someone else during the 60-day period.

In addition, for each worker retained for at least a year, businesses may claim an additional general business tax credit, up to $1,000 per worker, when they file their 2011 income tax returns.

New hires who fill existing positions also qualify but only if the workers they are replacing left voluntarily or for cause.

Employers claim the payroll tax benefit on the federal employment tax return they file, usually quarterly, with the IRS. Eligible employers will be able to claim the new tax incentive on their revised employment tax form for the second quarter of 2010.

Featured Free Resource:
Cost Per Hire Calculator
Twitter  Facebook  Linked In
Follow Us
Copyright © 2017 Business & Legal Resources. All rights reserved. 800-727-5257
This document was published on
Document URL: