The Work Opportunity Tax Credit Program, or WOTC, gives employers a federal income tax credit for employing personnel from specific selected groups. Mckenzie ChaseManagement provides administrative services to help Companies/Corporations through the Screening and Administrative process.
How WOTC Credits Are Calculated
| Credit: |
•
25% credit if an employee works between 120 to 399 hours.
• 40% credit if an employee works over 400 hours
• Maximum Credit : $2,400 per qualified candidate.
• Disabled Veterans Maximum: $4,800 per qualified candidate.
|
| 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: |
•
Welfare Recipients
• 18-39 year-old Food Stamp Recipients
• Veterans
• Disabled Veterans
• Vocational Rehabilitation Referrals
• Designated Community Residents ages 18-39 years-old
• Summer Youth ages 16-17 years-old
• Ex-felons
• SSI recipients
• Long-term welfare recipients
|
You are
already hiring these workers now - MCM will work for you to
claim your tax credits!
All of
these categories have different requirements for qualification.
A new hire must meet the requirements in order for the certification
process to be completed. Documentation is required by the states
to prove eligibility. States vary on the type of documentation
required or accepted. A list of documentation, which is generally
accepted by all states, will be provided by MCM for you.
Here's
how MCM makes the process easy for you:
- MCM handles all paper work and follow-up with governmental
agencies for you
- Your manager simply makes sure that the MCM questionnaire
and form 8850 are completed
and returned to MCM
- MCM makes the arrangements to enroll your new hire in the
WOTC program
- MCM charges only a small percentage of what we are able
to save you. If we save you nothing, we charge you nothing.
You May Already Be Entitled To Tax Credits
Most employers
hire 5-15% of their employees from these targeted groups without
knowing it. Large or small, isn't it time for your company to
pay less federal income tax?
MCM has
the experience to get your company started fast!
Contact
us now to begin capturing these valuable tax credits.
