- Blog post
How the new H.I.R.E. act will change your hiring policy
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.
photo credit: TheTruthAbout…