What does the newly passed HIRE Act (Hiring Incentives to Restore Employment) (a.k.a. Jobs for Main Street Bill) mean for your hiring policy in 2010?
Here’s a thumbnail sketch:
You don’t have to pay the 6.2% Social Security tax on the 2010 wages of eligible new hires.
You can earn a $1,000 income tax credit per new hire once he/she is employed for 52 consecutive weeks, or 6.2% of wages are paid over the 52-week period.
New hires must certify that they haven’t been employed for more than 40 hours during a 60 day period before the new employment. And their wages must not exceed the $106,800 Social Security wage base.
To read more about H.I.R.E., go to http://ow.ly/1LFgS
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