{"id":201,"date":"2010-07-30T10:25:42","date_gmt":"2010-07-30T14:25:42","guid":{"rendered":"http:\/\/nspg-software.com\/wordpress\/?p=201"},"modified":"2010-07-30T10:25:42","modified_gmt":"2010-07-30T14:25:42","slug":"hire-act-tax-breaks-for-new-business-hires","status":"publish","type":"post","link":"http:\/\/nspg-software.com\/wordpress\/2010\/07\/hire-act-tax-breaks-for-new-business-hires\/","title":{"rendered":"Hire Act Tax Breaks for New Business Hires"},"content":{"rendered":"<p><a title=\"Hire Act FAQ\" href=\"http:\/\/www.irs.gov\/businesses\/small\/article\/0,,id=220746,00.html\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright\" title=\"IRS Logo\" src=\"http:\/\/www.varetire.org\/Images\/Jpg\/eUpdateIRSLogo.jpg\" alt=\"Hire Act FAQ\" width=\"137\" height=\"169\" \/><\/a>The Hire Act passed earlier this year provides for two tax breaks for hiring previously unemployed workers.\u00a0 The tax breaks are a reduction in the Social Security tax and a tax credit if the new hire is employed for at least a year.<\/p>\n<p>The first tax break is a payroll tax exemption.\u00a0 The employer does not have to pay the 6.2% social security tax on the qualified employee&#8217;s wages from March 19,2010 through December 31, 2010.<\/p>\n<p>The second tax break applies to qualified employees who are employed for at least 52 weeks.\u00a0 The employer can claim a business tax credit for 6.2% of the employee&#8217;s wages for the first 52 weeks up to a maximum of $1,000.\u00a0 The new employee&#8217;s wages in the second six months of the year must be at least 80% of his wages in the first six months.<\/p>\n<p>A qualified employee is defined as someone who has worked fewer than 40 hours in the last 60 days.<\/p>\n<p>As with any tax law, there are a number of qualifications that you should be aware of.\u00a0\u00a0 There is a series of pages that should answer most questions about how this works including the forms you need to file to claim your benefits.<\/p>\n<p><a title=\"Hire Act FAQ\" href=\"http:\/\/www.irs.gov\/businesses\/small\/article\/0,,id=220746,00.html\" target=\"_blank\">http:\/\/www.irs.gov\/businesses\/small\/article\/0,,id=220746,00.html<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Hire Act passed earlier this year provides for two tax breaks for hiring previously unemployed workers.\u00a0 The tax breaks are a reduction in the Social Security tax and a tax credit if the new hire is employed for at &hellip; <a href=\"http:\/\/nspg-software.com\/wordpress\/2010\/07\/hire-act-tax-breaks-for-new-business-hires\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[18,27,29],"class_list":["post-201","post","type-post","status-publish","format-standard","hentry","category-nspg-news","tag-management","tag-small-business","tag-tax-breaks"],"_links":{"self":[{"href":"http:\/\/nspg-software.com\/wordpress\/wp-json\/wp\/v2\/posts\/201","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/nspg-software.com\/wordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/nspg-software.com\/wordpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/nspg-software.com\/wordpress\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/nspg-software.com\/wordpress\/wp-json\/wp\/v2\/comments?post=201"}],"version-history":[{"count":8,"href":"http:\/\/nspg-software.com\/wordpress\/wp-json\/wp\/v2\/posts\/201\/revisions"}],"predecessor-version":[{"id":209,"href":"http:\/\/nspg-software.com\/wordpress\/wp-json\/wp\/v2\/posts\/201\/revisions\/209"}],"wp:attachment":[{"href":"http:\/\/nspg-software.com\/wordpress\/wp-json\/wp\/v2\/media?parent=201"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/nspg-software.com\/wordpress\/wp-json\/wp\/v2\/categories?post=201"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/nspg-software.com\/wordpress\/wp-json\/wp\/v2\/tags?post=201"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}