Since the HIRE act will expire December 31, 2010, now is a great time for businesses to save on payroll taxes and recruit some good talent. If an employer hires a new employee between March 19 – December 31 and that employee had been previously unemployed, the employer qualifies for a Federal payroll tax exemption of 6.2% for 2010. If that person is retained for at least a year without a significant wage reduction, the employer qualifies to receive an extra $1000 credit in 2011. Specific rules apply. Learn more about the hire act at http://www.irs.gov.
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