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Q. Can you explain the tax benefits of the HIRE Act?
A. The Hiring Incentives to Restore Employment (HIRE) Act that passed this year created two new tax benefits to encourage employers to hire and retain new workers.
Employers who hire unemployed workers after Feb. 3, 2010, and before Jan. 1, 2011, may qualify for a 6.2-percent payroll tax incentive. The incentive effectively exempts employers from their share of the Social Security tax on wages paid to these workers after March 18, 2010.
In addition, for each unemployed worker retained for at least a year, business owners may claim a