The 2010 HIRE act is the best tax break employers have ever had, period. For wages paid in 2010, after 3/18/10, employers do NOT have to pay their 6.2% matching Social Security tax component on certain newly hired employees, specifically those previously unemployed. Plus, there is an up to $1000 General Business Credit if you keep these employees over 52 weeks. Be sure to ask your CPA or payroll service about these great tax breaks.
“All a company has to do is keep the employee’s Form W-11 on file! Gary Bode, CPA - accountant and payroll service supervisor
See a post on the Hire Act itself for an example. http://www.irs.gov/businesses/small/article/0,,id=220745,00
If you’d like a free initial consult about payroll services or payroll support, from a Wilmington NC CPA firm, please call us at (910) 399-2705.
