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Federal Hire Act LegislationOn March 18, 2010, President Obama signed into law the Federal HIRE Act. This act provides for two new tax benefits for employers hiring workers who were previously unemployed or only working part time. Employers may be exempt from paying their share of Social Security Taxes on wages paid to certain employees after March 18, 2010. If employees qualify, this applies to all types of businesses, including income tax-exempt organizations. And this can affect a businesses cash flow immediately as they can discontinue paying their share of the Social Security tax on these wages after March 18, 2010. In addition, for each worker retained for at least a year, businesses may claim an additional general business tax credit up to $1,000 per worker when they file their 2011 income tax returns. Attached is more information on these benefits and the requirements.  |
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