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Some Small Businesses Eligible for HIRE Act Payroll Tax Holiday
The Hiring Incentives to Restore Employment (HIRE) Act provides a Payroll Tax Holiday for small businesses that hire and retain previously unemployed workers. This provision applies to wages paid beginning after March 18, 2010, and ending on December 31, 2010.
Qualified businesses are forgiven their 6.2 percent share of the “old age, survivors, and disability insurance (OASDI)” component of Social Security payroll taxes for qualified employees performing services in a trade or business.
A qualified individual is any individual who:
- begins work for a qualified employer after February 3, 2010, and before January 1, 2011;
- certifies by a signed affidavit that he or she was employed for a total of 40 hours or less during the 60-day period ending on the date such employment begins;
- is not employed to replace another employee of the employer unless such employee separated from employment voluntarily or for cause; and
- is not a related party.
For further information and detail regarding the HIRE Act Payroll Tax Holiday, please see our extended post here.
Related posts:
- IRS Releases Forms Needed to Claim HIRE Act’s Special Payroll Tax Exemption
- HIRE Act Contains Several New Tax Incentives to Promote Job Creation
- Payroll Data Shows Small Businesses Hiring Again
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This entry was posted
on Saturday, May 29th, 2010 and is filed under Business News.
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