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Oasis, A Paychex Company, is one of the nation's leading Professional Employer Organizations (PEOs), providing clients with Human Resource Services, Payroll Administration, Employee Benefits Administration and Risk Management Services. Oasis has clients in all 50 states and in many different industries. Oasis tailors its HR solutions to address specific challenges within a number of industries. To learn more, please click below.
On March 18th President Obama signed the Jobs Bill into law. The Hiring Incentives to Restore Employment (HIRE) Act is hoped to boost hiring by offering an employer exemption from Social Security payroll tax on wages paid to qualified employees that work from March 19, 2010 through December 31, 2010.
The maximum value of this credit is 6.2% of wages up to $106,800. An additional business tax credit up to $1,000.00 can be earned if the qualified employee is retained for 52 consecutive weeks. This credit will be taken on the employer’s 2011 income tax return.
Now that Healthcare Reform has been signed into law by President Obama, Florida-based small businesses are understandably asking: “What does this mean to me?” The ultimate answer to this question is complex and depends on a variety of factors related to the business in question. These factors include the number of full-time employees, industry, current health coverage, business objectives and more. There is, however, one indisputable area which will impact all businesses – the significant administrative burden that will be required to navigate the new regulations associated with Healthcare Reform.