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Hiring a New Employee? Learn How to Save Money on That New Employee

  • Earlier this year, the Hiring Incentives to Restore Employment (HIRE) Act was signed into law.  In that bill, a company, hiring a “qualified employee” could save the 6.2% social security tax that employer’s are obligated to pay on employees’ salaries.  In a previous post we outline the benefits.  You may also find additional information in our HIRE Act Guide found here. The IRS has published answers to frequently asked questions, Form 941for reporting the “qualified” new hire earnings, instructions for the new form and an affidavit that must be signed by the qualified employee. This is a great opportunity for a business to save some money this year when they hire a new employee.