Tax Tips from The Bookkeepers
New Hiring Incentives:
During 2010 employers receive a financial incentive to hire new employees by combining exclusion for employer paid 6.2%
Social Security taxes with an additional tax credit if the new employee stays for at least 52 weeks.
To be eligible, the new employee must begin full or part-time from February 3, 2010 - December 31, 2010.
The new employee must not have been employed more than 40 hrs during the 60 day prior to his or her hire date.
The new employee cannot have displaced a current employee unless the prior employee voluntarily quit or was terminated for cause.
If the new hire is employed for at least 52 consecutive weeks, a credit lesser of $1000 or 6.2% of the pay during the first 26 weeks is given.
