Wednesday, July 14, 2010
Biz Owners: $$ there to hire unemployed
It’s a program called HIRE, all approved and ready to go. If you hire someone who has been unemployed 60 days or longer, you don’t have to pay your 6.2% share of SS payroll taxes for that person for the rest of this year.
Keep that employee for 52 weeks, and you get a credit of $1000. A credit—comes right off the amount of tax owed.
Many companies have not taken advantage of this, mainly because they don't know about it.
There are plenty of job candidates—of the 15 million unemployed, 6.2 million have been out of a job for six months or more, not two.
Of course, it would have been better to suspend both halves of the payroll tax to get people on board, but this is what is out there.