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Background on the HIRE Act
The HIRE Act was signed into law by President Obama on March 18,2010.It provided two new tax provisions to encourage employers to hire certain previously unemployed workers.The first is a payroll tax exemption,which provides employers with an exemption from the employer’s 6.2 percent Social Security payroll tax contribution on wages paid to qualifying employees.The payroll tax exemption is effective for wages paid from March 19,2010 through December 31,2010.The second provision is a general business tax credit for each newly hired qualified employee who is retained for at least 52 consecutive weeks.The credit is equal to 6.2 percent of wages paid to that employee over the 52 week period,up to a maximum credit of $1,000.The HIRE Act tax exemption can be claimed by any taxable or tax-exempt non-governmental employer or a public institution of higher learning.
Background on the HIRE Act
The HIRE Act was signed into law by President Obama on March 18,2010.It provided two new tax provisions to encourage employers to hire certain previously unemployed workers.The first is a payroll tax exemption,which provides employers with an exemption from the employer’s 6.2 percent Social Security payroll tax contribution on wages paid to qualifying employees.The payroll tax exemption is effective for wages paid from March 19,2010 through December 31,2010.The second provision is a general business tax credit for each newly hired qualified employee who is retained for at least 52 consecutive weeks.The credit is equal to 6.2 percent of wages paid to that employee over the 52 week period,up to a maximum credit of $1,000.The HIRE Act tax exemption can be claimed by any taxable or tax-exempt non-governmental employer or a public institution of higher learning.
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