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'Hire Now Tax Cut' tool helps employers calculate their savings

For those businesses planning to hire under the federal “Hire Now Tax Cut” legislation signed into law last month, the New York State Labor Department is providing an online tool that allows employers to calculate their tax savings.

The legislation exempts employers from paying the 6.2 percent Social Security payroll taxes on the new hire’s wages for the rest of the year if they bring on people who have been out of work for more than 60 days.

The online calculator asks companies to fill in a new hire’s annual salary and hire date.

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