The Hiring Incentive to Restore Employment (HIRE) Act exempts employers from paying Social Security tax on the wages of the unemployed for the remainder of this calendar year. There is also a $1,000 tax credit for each new hire that remains employed for 52 consecutive weeks so tax credits could extend into next year.
Employers must obtain a W 11 form for each eligible new hire. Be sure to talk with your attorney and/or CPA before entering into any such venture. They should have more accurate information about the HIRE act.
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