Ceridian Releases HIRE Act Incentives Estimator

May 4, 2010 (PLANSPONSOR.com) - Ceridian Corporation has released a PDF-based calculator that can be used by employers to help determine potential tax benefits available to them under the Hiring Incentives to Restore Employment Act of 2010.

After completing five fields of information, Ceridian’s HIRE Act Incentives Estimator automatically provides the user with several detailed tax saving breakdowns for the 2010 Social Security Tax Exemption for Hiring, and the 2011 Business Tax Credit for 52-Week Retention, according to a press release.  

Under the Act employers who hire unemployed workers after February 3, 2010, and before January 1, 2011, may qualify for a 6.2% payroll tax incentive, in effect exempting them from their share of Social Security taxes on wages paid to these workers after the date of enactment. In addition, for each worker retained for at least a year, businesses may claim an additional general business tax credit, up to $1,000 per worker, when they file their 2011 income tax returns (see New Law Offers Tax Incentives for Hiring).  

Ceridian’s HIRE Act Incentives Estimator is here.