Free Stimulus Money--Just Hire an Employee to Claim It
Posted by EmployTest - on Fri, Jan 29, 2010 @ 01:42 PM
Today President Obama announces the next part of his proposal for jobs creation. The official announcement can be found here.
The core of his proposal is that businesses will receive a $5,000 tax credit for every "net new employee" that they employ in 2010. So by definition it must be a new position and doesn't apply if you terminate one worker and replace him/her with someone else.
The second part of his proposal says that small businesses can be reimbursed for increased Social Security payroll taxes that result from increased wages or hours.
The cap on this plan for any one business is a significant $500,000, which could be a noticeable windfall for a small to medium size company. And beware, because officials will be watching to make sure companies aren't trying to beat the system (ie. lay off, then rehire workers).
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