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What is the Hiring Incentives Act and how does it benefit small businesses?
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Hiring Incentives to Restore Employment (HIRE) Act of 2010 to provide payroll tax breaks as well as incentives for any business to hire unemployed workers.
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The Hiring Incentives to Restore Employment (HIRE) Act of 2010, created two new employer tax benefits to reward organizations for hiring and retaining unemployed or part-time workers.
Payroll tax exemption - provides employers with an exemption from the employer’s 6.2 percent share of social security tax on wages paid to qualifying employees, effective for wages paid from March 19, 2010 through December 31, 2010.
New hire retention credit – in addition, if the employee stays on for a full year, the business will also be eligible for a tax credit of up to $1,000.
Payroll tax exemption - provides employers with an exemption from the employer’s 6.2 percent share of social security tax on wages paid to qualifying employees, effective for wages paid from March 19, 2010 through December 31, 2010.
New hire retention credit – in addition, if the employee stays on for a full year, the business will also be eligible for a tax credit of up to $1,000.
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