A social security exemption is part of this new act, as long as the new employee was previously unemployed. How long must someone have been unemployed in order to qualify for the exemption? At least two months out of work is a necessary requirement. The exemption is a cushy 6.2 percent, making companies eager to bring on new employees as well as hire staffing agencies and contingency firms to make sure the candidates they bring on are the right fit… and will stick around.
In addition to the social security tax exemption, an income tax credit is available. This is referred to as the ‘retention credit'. The newly hired employee must remain with the organization for at least a year or this is no longer applicable, and the fifty-two weeks must be consecutive. This tax credit will be 6.2 percent of the newly hired employee's wages up to a maximum amount of a thousand dollars. Replacement positions do not qualify. No firing and hiring here- new hires qualify only, with some exceptions to the rule.
The maximum amount a company can save is $6,622 per new hire- a pretty significant number. It is wise for a company to let their recruiters know that they are partial toward these benefits, so that the recruiter knows to have an eye out for the unemployed candidates currently on the market.
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