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CCH's Law, Explanation and Analysis of the Patient Protection and Affordable Care Act
Provides employers, health, and legal professionals with comprehensive explanation and analysis of every aspect of the Patient Protection and Affordable Care Act. These legislative changes will imminently impact thousands of employers, private insurance providers, and the Medicare and Medicaid programs.
The House passed the Hiring Incentives to Restore Employment (HIRE) Act, H.R. 2847 on March 4, 2010. The House-passed version amends the Senate-passed bill (see the CCH PAYROLL MANAGEMENT GUIDE Report Letter 2136, dated March 2, 2010) to ensure that small businesses can take advantage of the payroll tax exemption.
Payroll tax forgiveness
A payroll tax exemption would provide employers with incentives to hire and retain new employees. The bill would provide businesses with an exemption from social security payroll taxes for every worker hired in 2010 who has been unemployed for at least 60 days. The maximum value of this incentive is $6,621, which equals to 6.2% of wages paid in 2010 up to the FICA wage cap of $106,800.
Payroll tax credit
Provides an additional $1,000 income tax credit for every new employee retained for 52 weeks.
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