Tax Incentive to Hire Unemployed Bradenton Workers

Benefits to Aid Employers

Employers that hire employees who were previously unemployed or only working part time may qualify for a 6.2% payroll tax incentive.  This incentive will exempt them from their share of Social Security taxes on wages paid to these employees after March 18, 2010.  The employees must be hired after February 3, 2010, and before January 1, 2011.  This reduced tax will have no effect on the employee’s future Social security benefits.  Employers will still need to withhold the employee’s 6.2% share of Social Security taxes, and the employer and employee shares of Medicare taxes remains unchanged.

In addition, employers may claim an additional general business tax credit of up to $1,000 per employee, for each employee retained for a least one year.

« Recently Married Bradenton Taxpayers | Home | Deduct Some Job Seeking Expenses »

• IRS Enrolled Agent