Receive up to $2,400 in tax cuts*! The Work Opportunity Tax Credit is one way that employers can reduce their Federal Income Tax. *Through this program, employers can claim a tax credit on each eligible new employee.
|Employees Who Qualify:
||1st year of employment; Member of family receiving AFDC or TANF; Qualified Veteran; Qualified Ex-Felon; Vocational ReHab Program; Qualified Food Stamp or SSI Recipient; Must work a minimum of 120 hours/annually.
||Save 25% of base pay on those who work between 120 – 400 hours annually.
Save 40% of base pay on those who work over 400 hours.
ie: 300 hrs @ $9.00 x 25% = $675 600 hrs @ $9.00 x 40% = $2,160
|Benefits to Employer:
||$6000 of earnings covered; Tax credit of 25% or 40% (depending on hours worked annually).
If all that makes your head spin…call us and we’ll help you through it!
For more detailed information on how state tax credits can benefit your company, click here.