My boss took me aside. He wants to fire me. Then he wants to re-hire me back with a raise. He wants to do this because Obama (Our President) signed into law Pub. L. No. 111-92 the Hiring Incentives to Restore Employment Act (HIRE). If my boss rehires me as an unemployed person he gets:
1) Exemption from paying the new hire's social security taxes (6.2% of pay) from March 19, 2010 to Dec. 31, 2010.
2) Retention Bonus - Tax credit equal to the lesser of $1000 or 6.2% of wages paid to the newly hired employee if employee is retained for at least 52 consecutive weeks. In order to claim the maximum credit of $1000, the employer must have paid the employee $16,129 over the 52 weeks.
I have to head over to the unemployment office so that I can be classified as unemployed.
Thank you Obama, I thought 'Cash for Clunkers' was the only was I was going to profit from voting for you. It does feel funny driving my new car to the unemployment office. LOL