Obama just signed a law exempting companies from paying Social Security payroll taxes for every worker hired after February 3, 2010, and before January 1, 2011, who has been unemployed for at least 60 days (it can’t be family members or relatives).  The Medicare tax still applies, and new hires who replace employees qualify for the credit only if those workers quit or were terminated for cause.  The maximum value of the credit would be equal to 6.2 percent of wages up to $106,800, which is the Federal Insurance Contributions Act (FICA) wage cap. There would also be an additional $1,000 income tax credit for every new employee retained for 52 weeks, to be taken on the employer’s 2011 income tax return.

Also in the law: Small businesses can continue to write off up to $250,000 if assets placed in service in 2010.