Under the Hiring Incentives to Restore Employment (HIRE) Act, which was enacted in March 2010, employers get a social security tax exemption for the employer share of social security tax on wages paid to new employees from March 19-December 31, 2010, who were hired from February 4-December 31, 2010, after having been employed for no more than 40 hours in the previous 60 days. The HIRE Act’s social security exemption has not been extended, so it does not apply to any wages paid after December 31, 2010.
AdvanStaff HR has been tracking, administering, and processing the HIRE Act tax credits since the act was approved in February. Work site employers who have hired eligible employees have received the tax credits via their regularly cycled payroll invoice.