By now, many of you have taken advantage of the HIRE Act put in place by President Obama on March 18, 2010. In essence, this act exempts employers from paying the matching 6.2% social security tax on employees they hire between February 3, 2010 and January 1, 2011. To be eligible for this exemption, the new employee must have been unemployed for at least 60 days before being hired.
Now we can look forward to the additional $1000 credit employers can receive on their business tax returns for employees who stay with the company for a minimum of 1 year. Be sure to mark your calendars to remind you accountant to request this credit on your 2011 returns.
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