The Federal
Welfare to Work Credit (W2W) has recently been merged with the
WOTC program. W2W is designed to provide an incentive for employers
to hire workers who are receiving federal welfare funds.
Tax
Credits
The amount of your credit is calculated as a percentage of eligible
employees' wages:
| Credit: |
• Up to 40% of first $10,000 in wages
for first year of
employment
• 50% of first $10,000 in wages for second year of
employment
• Maximum Credit: $9,000 per qualified candidate
• Newly hired personnel must work at least 120 hours
before
credit
can be taken |
| IRS Form 8850: |
Completed
by the new hired personnel and Company. This IRS Form needs
to be received by State WOTC office within the federal mandated
period from applicant's work starting date. |
| Selected
Groups: |
New
hires must be individuals or members of a family receiving
Temporary Assistance to Needy Families (TANF) for 18 months
who began work on or after July 1, 1999. |
Mckenzie
Chase Management will handle all the forms, the screening, the
follow up, and will determine which credit is most beneficial
for you at the end of your fiscal year.
MCM will
expedite the process and make it simple for you!
Contact
us today to learn how W2W credits can work for you!
