Are you aware that if you hire a worker who has been unemployed for 60 days or longer, you’re exempt from the employer’s 6.2% share of that worker’s Social Security Payroll Tax through the end of the year? Plus, if you retain the worker for a year, you’re eligible for an additional tax credit of up to $1,000.
The Hiring Incentives to Restore Employment (HIRE) Act, which was signed into law in March, gives employers “an incentive to hire new workers as soon as possible because the payroll tax exemption expires at the end of 2010,” said Alan Krueger, the Treasury Department’s chief economist.
Employers appear to be taking advantage of the tax incentives. From February through June, employers hired 5.6 million workers who had been unemployed for 60 days or longer, according to an update from the U.S. Treasury Department. Sen. Chuck Schumer, D-NY, has stated that the program is showing early signs of success, and has said he will push Congress to extend the HIRE Act for another six months.
Linda Winlock is the owner and President of Personnel Profiling Inc. Established in 1987, Personnel Profiling provides organization development, employment assessments and human resource services to companies throughout the nation. Linda has over 20 years of experience working with all types of industries and company sizes. In addition, she is an Area Director for Profiles International. Profiles International provides employment assessments and services to over 40,000 clients in 122 countries. Linda’s formal education includes a Master’s Degree in Education with a concentration in counseling psychology. She is available for phone consultation at (502)895-9297 or by email at lwinlock@personnelprofiling.com and www.personnelprofiling.com.
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