In March, Congress passed the HIRE Act, which benefits employers who hire previously unemployed workers this year. As we reported in May, employers who qualify are eligible for a 6.2% payroll incentive, which can save you a lot! In order to qualify for the incentive, employers must have the new hire fill out Form W-11. Form W-11 confirms the new hire’s previous status as unemployed. Employers need to retain the Form W-11 with their payroll and tax records .
Make this a part of your new hire packet. Along with having them complete their initial application and tax withholding elections, have them complete Form W-11.
Make sure you give Form W-11 to your payroll processer to be sure that you get this credit.
In this tough economy, every penny counts. Our clients have already saved thousands of dollars!
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