Businesses switch to online payroll companies for improved efficiencies, lower costs and better service. Long gone are the days of calling in payroll, pay attention everyone, things have changed.
The Hiring Incentives to Restore Employment (HIRE) Act, also known as the “jobs bill”, that was signed into law on March 18, 2010, is a Federal Tax program that provides employers with incentives to hire and retain employees. There are two main components of this program that can benefit employers. The HIRE Act will exempt an employer from paying the employer portion of Social Security taxes, 6.2%, for the remainder of 2010 on wages of qualified new hires. The second component is the business credit of $1,000.00 for the retention of new hires, whereas a qualified employee is employed for 52 consecutive weeks.