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Steven H. Schwartz & Associates, P.L.C.

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2010 HIRE Act

Schipper | 19 May, 2010 08:53

On March 18, 2010 the President signed the Hiring Incentives to Restore Employment (HIRE) Act. The new law provides three basic provisions to employers:

1. Private-sector employers that hire employees who have been unemployed for at least 60 days are exempt from having to pay the employers' 6.2% share of the Social Security payroll tax on the respective employees for the remainder of 2010;

2. If the employer keeps the employee on payroll for a continuous 52 weeks, the employer is eligible for an additional tax credit of up to $1,000 after the 52-week threshold is reached;

3. Small business owners may deduct business equipment investments of up to $250,000 in 2010, instead of depreciating the same over time.

Generally, the tax benefit applies only to private-sector employers. There are no limits or maximums on eligible employee hours or wages. The eligible employee may not be a family member and may not replace another worker, unless the replaced worker voluntarily quit or was terminated for cause. For the hiring to qualify for the tax benefit, the employee must sign an affidavit that he has not been employed for more than 40 hours during the 60 day period preceding date of hire.


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