business
Payroll tax exemption forms available for hiring unemployed
NEWS IN BRIEF — Posted June 7, 2010
The forms needed to claim the recently enacted tax incentives for hiring unemployed people can be obtained from the Internal Revenue Service.
The Hiring Incentives to Restore Employment Act allows companies -- including medical practices -- that give jobs to people who did not have full-time positions within the past two months to apply for a 6.2% payroll tax credit. This is equivalent to what employers pay in Social Security taxes. To claim this, employees must be hired between Feb. 3 and Dec. 31. The credit applies to wages paid after March 18.
The revised form 941, used to pay quarterly federal taxes, is available online (link).
The new form W-11, an affidavit stating that the employee qualifies for this program, also is available online (link).
Note: This item originally appeared at http://www.ama-assn.org/amednews/2010/06/07/bibf0607.htm.