Legal

IRS Releases Form for Employer Tax Credit

By Staff Report

Apr. 8, 2010

The IRS announced a new form to help employers claim payroll tax breaks for hiring workers under the Hiring Incentives to Restore Employment Act signed by President Barack Obama on March 18.


Employers may qualify for an exemption from the 6.2 percent employer’s share of Social Security tax on wages paid to newly hired employees who had been unemployed for at least 60 days or who had worked no more than 40 hours during that period.


The employee’s 6.2 percent share of taxes would still be collected.


Employers can also qualify for a credit of up to $1,000 per each unemployed worker kept on board for at least a year.


The new form W-11, which employees would sign to enable an employer to receive the tax credit, is available online.


In addition, employers will need another form, Form 941, to claim the credit. The IRS announced a draft of Form 941, but the final form will be released next month. 


Filed by Staffing Industry Analysts, a sister company of Workforce Management. To comment, e-mail editors@workforce.com.


 


Stay informed and connected. Get human resources news and HR features via Workforce Management’s Twitter feed or RSS feeds for mobile devices and news readers.

What’s New at Workforce.com?

blog workforce

Come see what we’re building in the world of predictive employee scheduling, superior labor insights and next-gen employee apps. We’re on a mission to automate workforce management for hourly employees and bring productivity, optimization and engagement to the frontline.

Book a call
See the software

Related Articles

workforce blog

Compliance

Minimum Wage by State in 2023 – All You Need to Know

Summary Twenty-three states and D.C. raised their minimum wage rates in 2023, effective January 1.  Thr...

federal law, minimum wage, pay rates, state law, wage law compliance

workforce blog

Legal

New Labor Laws Taking Effect in 2023

The new year is fast approaching, and with its arrival comes a host of new labor laws that will impact ...

labor laws, minimum wage, wage and hour law

workforce blog

Legal

Wage and Hour Laws in 2022: What Employers Need to Know

Whether a mom-and-pop shop with a handful of employees or a large corporation staffing thousands, compl...

compliance, wage and hour law