Historically, outsourcing payroll has been a necessary evil for many companies focused on their core business and growing their bottom line, for they didn’t have the resources necessary to manage payroll responsibilities properly. Yet employers have been constantly frustrated because they’ve had to give up so much control to their payroll company.
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.