New Payroll Tax Holiday
by Jeff Dunlop - Beginning March 19, 2010, if certain employers hire a formerly unemployed worker, the employer will not have to pay Social Security tax for the new hire. The pay-roll tax holiday is available for wages paid to both full-time and part-time employees, as well as rehired employees of the employer who were previously laid-off. The pay-roll tax holiday ends December 31, 2010 and there are some technical requirements to qualify, but an employer can save as much as $6,621.60 for the year per employee, so the sooner the employer hires a formerly unemployed worker the greater the tax savings.