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November 19, 2011 2:10 pm
New Credits for Hiring Vets
Congress has voted to repeal the 3% withholding on payments to contractors, a rule that was set to take effect in 2013. As part of the repeal process, Congress also created two new tax credits for businesses that hire certain veterans:
- A “returning heroes” credit of up to $2,400 for hiring a post
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Tax Glossary
Foreign tax credit
A credit for income taxes paid to a foreign country or U.S. possession. 401(k) plan. A deferred pay plan, authorized by Section 401(k) of the Internal Revenue Code, under which a percentage of an employee’s salary is withheld and placed in a savings account or the company’s profit-sharing plan. Income accumulates on the deferred amount until withdrawn by the employee at age 59?
