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WORK
OPPORTUNITY TAX CREDITS
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WOTC
- is a federal program that
encourages employers to hire eight targeted groups of job seekers
who begin work any time after October 1, 1997. The WOTC can reduce
employer federal tax liability by as much as $2,400 Per hire. These
eight groups are: individuals with disabilities, recipients of TANF
and CAP, SSI, Food Stamps, veterans, ex-felons, high risk youth and
summer youth employment. These individuals must work a minimum of
120 hours to receive partial credit of 25%. The full credit becomes
available after 400 hours of employment. Summer youth are exempt
from the minimum hour restriction. You will need to complete a very
short IRS form, # 8850 ( Work Opportunity Credit, Pre-Screening
Notice and Certification Report). The individual must be
certified prior to starting work. Documentation must be mailed to
the Department of Labor within 21 days of commencement of employment.
The DOL will mail you a certificate which should be submitted with
your tax documents to the IRS.
Click
here to return to Financial Incentives for Employers
Work
Opportunity Tax Credit Program (WOTC)
Workers with Disabilities Employment Tax Credit (WETC)
On-the-Job Training (OJT)
Four Week Work Try Out
For
further information regarding specifics contact the V.E.S.I.D.
Marketing Representative @ (315) 423-1233. |
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