The Federal HIRE Act (Hiring Incentives to Restore Employment) has been passed and offers substantial tax savings for your business when you hire the unemployed. Deluxe Payroll now offers full per-pay deductions of the employer 941 tax credit, allowing you to save money with every pay.
Deluxe Payroll professionals are on top of the legislation and are getting new details daily to ensure our clients are receiving updates and maximizing the tax credits this Act provides.
The cornerstone of the HIRE Act is a federal program that will provide employers with incentives to hire and retain employees. HIRE will exempt an employer from paying the employer portion of Social Security taxes by reducing their 941 liability for the remainder of the year on new hires who are currently unemployed. In addition, if those workers stay on the payroll for at least 52 consecutive weeks with consistent pay amounts, the employer would also receive up to a $1,000 business tax credit per employee on their 2011 corporate tax return.
You can use our exclusive HIRE Act Tax Credit calculator to determine your potential savings.