2010 HIRE Act
There are 2 main incentives of the HIRE Act to encourage businesses to hire from the ranks of the unemployed.
- Companies are exempt from paying their 6.2% portion of withholding taxes in 2010 for new employees hired between February 2010 and January 2011.
- Employers will be paid a tax credit of up to $1,000 for new hires after one year.
More specifics:
- New hires eligible for HIRE Act incentives must not have worked more than 40 hours in the 60 days prior to being hired.
- Employers who receive the $1,000 tax credit must pay workers at least 80% of the wages in the 2nd six months of their hiring date as in the 1st six months.
- Employers cannot game the system by hiring relatives or cutting existing staff (without just cause), to take advantage of the benefits.
source: 2010HireAct.com
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Posted on October 12, 2010 at 11:20 am by salaryfor.com · Permalink
In: Job Search Advice · Tagged with: Act, Game, Incentives, New Hires, Paying Taxes, Relatives, Salary Information, Six Months, Specifics, Tax Credit, Wages, Withholding Taxes
In: Job Search Advice · Tagged with: Act, Game, Incentives, New Hires, Paying Taxes, Relatives, Salary Information, Six Months, Specifics, Tax Credit, Wages, Withholding Taxes
