Posts Tagged ‘Payroll Tax Holiday’
by Marie Jett, CPA | Manager Tax Services
Earlier this year, the President signed into law the 2010 HIRE Act. The act was created to try and provide employers tax incentives to hire employees. Two new laws created from this act are the payroll tax holiday and the retained worker tax credit. Effective for tax years ending after March 18, 2010, employers have been given a payroll tax holiday on the 6.2% OASDI portion of the employer’s share of Social Security Tax for the remainder of 2010 and a retained worker tax credit of up to $1,000 per retained employee.