Accounting and financial resources for South King County businesses
Keeping you informed is a critical part of being your business advisor. Due to our accounting firm's size and experience, we're able to offer seminars and training that help you optimize your business financially. From accounting software to compliance issues to accounting basics, we'll get you up to speed.
HIRE Act
On March 18, 2010, the President signed into law the HIRING INCENTIVES TO RESTORE EMPLOYMENT (HIRE) ACT. Several key components:
- $1,000 Tax Credit – Employers are also eligible for a tax credit of 6.2% of the wages paid to new full-time employees in 2010 (subject to a maximum of $1,000 per new employee). To qualify for the credit, the employer must hire a worker who has been unemployed for at least 60 days and is retained by the employer for at least 52 weeks. The credit only applies to employees hired after February 3, through December 31, 2010.
- Employer Payroll Tax Exemption for New Employee’s – Employers are eligible for an exemption from the employer share of the FICA portion of Social Security taxes on wages paid to new full-time employees in 2010 if those employees are not replacing other employees. The maximum exemption is $6,621 per employees, which is 6.2% of the current wage base of $106,800. To qualify for the credit, the employer must hire a worker who has been unemployed for at least 60 days and who is not a relative or co-owner of the business. This provision is effective for employees hired after February 4, through December 31, 2010.
Additional Resources and Information:
To obtain more information and access the IRS FAQ’s regarding the HIRE Act: http://www.irs.gov/businesses/small/article/0,,id=220745,00.html
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