Submitted by Anonymous on Thu, 08/26/2010 - 9:56am

By Leslie Shiner, The Shiner Group

Is business starting to pick up for you? Are you considering hiring a new employee? If so, you need to be aware of the HIRE Act. Back in March, President Obama signed the Hiring Incentive to Restore Employment Act (hence the name HIRE Act). It includes tax benefits that you just might be able to use.

If you hire an unemployed worker, your business is exempt from the employers’ share of the Social Security tax. This means that you will not have to pay the 6.2% tax on wages paid from March 19, 2010 through December 31, 2010. If you pay a worker $25 per hour, for 40 hours per week, the savings amounts to $62 per week ($25 x 40 = $1,000 x 6.2% = $62). That’s $62 per week in payroll taxes that you won’t have to pay, ever! (The employee still needs to pay into the fund, so their deductions will not change.)

To read the rest of this post please click here