Growing Your Business: Tax Breaks for Hiring Unemployed
Tax breaks for hiring the unemployed
By Catherine Clifford, CNNMoney.com, staff reporter: March 18, 2010
NEW YORK (CNNMoney.com) — A scaled-down, $17.6 billion jobs bill signed into law by President Obama on Thursday features a handful of benefits for business owners, but falls short of the sweeping hiring incentives President Obama and some lawmakers on Capitol Hill initially pushed for.
The bill offers employers two tax breaks for qualifying new workers hired in 2010. Companies will be exempt from paying their share of Social Security payroll taxes, normally 6.2% of a worker’s wages, for any new worker who was unemployed for the prior 60 days. (Workers will still have to pay their own Social Security tax share.)