WOTC Hiring Incentives — Service Overview
WOTC stands for the “Work Opportunity Tax Credit” and is not one but several tax credits given to employers at a Federal level for hiring qualified employees. Annually employers claim over $1 Billion in tax credits under this program. There is no minimum number of hired employees required for an employer to qualify for this tax credit. The success and growth of this income tax credit for business is beneficial for all who participate while increasing America’s economic growth and productivity.
Historically, the steps necessary to qualify for WOTC have been time-consuming and burdensome. GMG Savings has made substantial investments in a proprietary technology process that relieves the employer of this difficulty. Our software automates most of the process of prescreening and certifying candidates as well as streamlines the required document submission process on the employer’s behalf.
“Simply put WOTC reduces an employer’s cost of doing business and turns Human Resources into a Profit Center.”
The average WOTC benefit per qualified employee is $2,400 and can be as much as $9,600. That means potentially 10 qualified employees could yield a Federal income tax credit between $24,000 and $96,000. Additionally WOTC credits may be carried back one year and carried forward 20 years.
Get your companies potential savings for hiring incentives here.