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Archive for May, 2010

Employers hiring new employees after February 3, 2010 and before January 1, 2011 may receive a tax break of 6.2% Social Security tax (up to $1,000). A new employee is identified as not having been employed for more than 40 hours during the 60-day period ending on the date employment begins, is not hired to replace another employee unless the other employee separated from employment voluntarily or for cause (including downsizing); and the new employee is not related to the company owner(s). Employers can take this credit on their 2011 tax return. See IRS Form W-11 for details.

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