An Important Note For Small Business Owners
We encourage all businesses in New York to take advantage of the provisions enacted under the federal HIRE Act, passed in April of this year. Businesses that hire the long-term unemployed (defined as those who have not worked in over 60 days) can suspend payment of the employer's share of Social Security taxes on that worker from March 18-December 31, 2010. The more a business pays a worker (up to the maximum Social Security wage of $106,800), and the longer a business has a worker on its payroll, the greater the tax savings - so there is an incentive to hire people sooner, and pay them more. Finally, to promote long term employment, the Act also includes the following bonus: for any eligible employee kept on payroll for a continuous 52 weeks, the employer receives an additional $1,000 credit on its 2011 tax return. For more information on the HIRE Act and to find out how to apply, go to hireact.org.