Paychex Offers HIRE Act Resources

A Paychex announcement said the Web page provides the latest information available on the Act, and features an interactive calculator, which allows business owners to calculate their potential tax savings. Employers indicate the month of hire; type of pay (salary or hourly); and the annual salary or hourly wages, plus the hours per week, and the calculator computes the amount of the potential Social Security tax savings and business tax credit.  

Under the HIRE Act employers who hire unemployed workers after February 3, 2010, and before January 1, 2011, may qualify for a 6.2% payroll tax incentive, in effect exempting them from their share of Social Security taxes on wages paid to these workers after the date of enactment (see New Law Offers Tax Incentives for Hiring). In addition, for each worker retained for at least a year, businesses may claim an additional general business tax credit, up to $1,000 per worker, when they file their 2011 income tax returns.