What is a HIRE Act calculator?
A HIRE Act calculator is an online calculator that helps an employer determine how much tax savings their business can gain by hiring certain previously unemployed workers (“qualified employees”). The HIRE Act (Hiring Incentives to Restore Employment) was enacted in 2010 to give employers tax saving incentives for hiring qualified employees. One such saving is the payroll tax exemption, which exempts employers from paying the 6.2 percent share of social security tax wages paid to qualifying employees. Another saving comes after the employer retains a qualified employee for at least 52 consecutive weeks. This makes the business eligible for a general business tax credit of 6.2 percent of wages paid to the employee over the 52-week period (up to $1,000).
Where can I find a free HIRE Act calculator?
Here are a few useful online HIRE Act calculators you can use for free:
Why should I use a HIRE Act calculator?
Because there are significant tax breaks to be had by hiring an individual who fits the criteria outlined in the HIRE Act. And a HIRE Act calculator will help you measure exactly how significant it will be for your business. It seems like payroll-related expenses continue to grow each year. Employers are responsible for their portion of social security and Medicare. They have to deal with unemployment tax, workers compensation insurance, paid time off, retirement plan contributions, and health insurance. An exemption and/or tax credit can have an impact and be one more way to lower costs.
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