Salary Hire Act Calculator

Though we've seen glimmers of hope for improvement, the U.S. economy is still dragging its feet, and the national unemployment rate isn't dropping in the forseeable future. These factors have been especially challenging for small business owners.

The recent Hiring Incentives to Restore Employment (HIRE) Act -- an $18 billion stimulus -- offers tax breaks to employers who add qualifying staffers to the payroll. This HIRE Act calculator can help you determine if adding staff to your business will help you earn the tax credits created in this new legislation.

Want to know more? Read more about the Hire Act

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

Hourly Hire Act Calculator

• This exemption saves employers up to $6,622 per each qualifying worker – whether they hire 1 or 100 new employees.
• Earn a tax credit on your 2011 tax return equal to 6.2% of the new hire’s salary (or $1,000 – whichever is less) for each new hire that remains on the payroll for 52 consecutive weeks.
• A hire date later than Feb. 3, 2010 and before Jan. 1, 2011 is required
• Someone that has not been employed for 40 hours during any week within the 60-day period prior to hire
• A new hire who is not replacing a current employee (unless the previous employee quit or was fired for just cause)

Want to know more? Read more about the Hire Act

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

Payroll Calculators