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Save on Business Taxes with the new HIRE Act of 2010
No Employer Social Security Tax on Previously Unemployed New Hires in 2010
PLEASANTON, CA, May 19, 2010 /Accounting PR News/ -- On March 18, President Obama signed the Hiring Incentives to Restore Employment (HIRE Act). The HIRE Act creates:
1. A limited social security tax "holiday" for the employer share of social security tax on wages paid to a previously unemployed new hire, and
2. A separate business tax credit of up to $1,000 if the employee is employed for at least 52 weeks
The aim of the Act is to free up funds for employers to hire individuals who have been out of work to further stimulate the recovering economy.
PacWest provides a full description and rules of these incentives on our website http://www.pacwestsolutions.com/news.html. Consider your new hires, if you find that any employee can be considered a "qualified employee", you may recover any employer social security tax paid on their wages from the pay date of March 19, 2010 to the present and on going for wages paid until December 31, 2010.
PacWest Solutions is prepared to make the most of this tax relief for our clients. Use Form W-11 to confirm that the employee is a "qualified employee" under the HIRE Act and submit it to PacWest's payroll office. We will then recover the employer social security tax you paid for the period covering the employee's first paycheck dated March 19th or after, through to the last paycheck paid. We will then credit your invoice once your payroll tax deposit has been calculated and submitted with this reduction.
We will continue to have the employer social security tax calculated and billed, but you will receive a credit for the social security tax on the same invoice until the pay date before or on December 31, 2010.
The same rules apply to any new hire from this date through December 31, 2010.
For more information about how the new HIRE Act can save you money, call 925.734.9400 or email us at: info@pacwestsolutions.com. http://www.pacwestsolutions.com
Headquartered in Pleasanton, California, PacWest Solutions is a full-service human resources outsourcing company specializing in the administration of payroll, benefits, personnel planning, workers' compensation, organizational management, and other business services for small to midsize companies.
For a fraction of the cost of a full in-house HR department, PacWest enables clients to offer attractive benefit packages to their employees at rates comparable to those that large corporations receive.
PacWest provides comprehensive, flexible, economical business services that help small to midsize companies work more efficiently and compete more effectively. We integrate our services into your workflow so they are transparent to your organization.
We offer two categories of services: Managed HR Services and Targeted Business Services. You can choose services from among these categories and bundle them into a package that meets your specific requirements.
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Press Release Contact Information:
Alyssa Williamson
PacWest Solutions
Creative Director
1064 Serpentine Lane, Suite B
Pleasanton, CA
USA 94566
Voice: 925.734.9400
Fax: 924.734.9600
Website: Visit Our Website |
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