1 / 11

The Work Opportunity Tax Credit

The Work Opportunity Tax Credit. W.O.T.C. What is: Work Opportunity Tax Credit W.O.T.C. A Tax Credit available to employers who hire individuals from certain targeted groups. The WOTC can reduce an employer’s federal tax liability by up to $9,000 per new hire. The WOTC has two purposes:.

jaquelyn-young
Télécharger la présentation

The Work Opportunity Tax Credit

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. The Work Opportunity Tax Credit W.O.T.C.

  2. What is:Work Opportunity Tax CreditW.O.T.C. • A Tax Credit available to employers who hire individuals from certain targeted groups. • The WOTC can reduce an employer’s federal tax liability by up to $9,000 per new hire.

  3. The WOTC has two purposes: • Promote the hiring of individuals who qualify as a member of a target group • Provide a federal tax credit to employers who hire these individuals

  4. WOTC Target Groups • A - Qualified TANF Recipient • B - Qualified Veteran • C - Qualified Ex-Felon • D - Empowerment Zone Resident • E - Vocational Rehabilitation Referral • F - Qualified 16-17 Year Old Summer Youth • G - Qualified Food Stamp Recipient • H - Qualified SSI Recipient • I - Long-Term Family Assistance • J - Qualified Veteran collecting UI • K - Disconnected Youth

  5. What’s Required? • IRS Form 8850: “Pre-screening Notice and Certification Request,” and • DOL ETA Form 9061: “Individual Characteristics Form,” OR • DOL ETA Form 9062: “Conditional Certification”

  6. Download the forms from the EDD website: www.edd.ca.gov/WOTC

  7. Simple Process • Identify the potential candidate & determine eligibility. • Fill out and sign the 2 forms at the time of hire. • Mail the forms no later than the 28th day after the applicant begins work.

  8. Concluding Highlights • The WOTC provides tax credit opportunities for employers • Specific Target Groups • Only 2 Forms Required • Form needs to be signed ON or BEFORE the hire date. • Must be submitted to the WOTC center no later than the 28th day after the applicant starts work.

  9. For More Information Call the WOTC Center toll-free 1-866-593-0173 Other helpful resources: • WWW.EDD.CA.GOV • WWW.HUD.GOV/EZEC/LOCATOR or HTTP://HUD.ESRI.COM/EGIS • WWW.IRS.USTREAS.GOV • WWW.DOLETA.GOV

  10. Thank You!! Paula Duarte Employment Program Representative Employment Development Department paula.duarte@edd.ca.gov

More Related