Companies can receive tax credits for hiring employees that either live in a certain location or are part of a target group of individuals. Hiring Tax Credits can dramatically impact a company’s federal tax liability.
Work Opportunity Tax Credit (WOTC)
This federal tax credit reduces the federal tax liability of employers. Eligibility for this credit is based on the employer’s hiring from specific target groups facing barriers to employment.
Targeted Groups:
- Temporary Assistance for Needy Families (TANF) Recipients
- Ex-Felons
- SNAP (Food Stamp) Recipients
- Designated Community Residents (living in federal and/or renewal communities)
- Long Term Unemployed
- Vocational Rehabilitation Referral
- Supplemental Security Income Recipients
- Summer Youth Employee (Empowerment Zones)
Maximum Credit Available:
- Receives SNAP (food stamps) benefits: $2,400
- Veteran Eligibility based on disability:
- Hired one year from leaving service: $4,800
- Unemployed at least 6 months: $9,600
- Unemployed Veterans
- At least four weeks: $2,400
- At least six months: $5,600
- All other WOTC target groups: $2,400 – $9,000
Location Based Incentives
Many other programs exist at the state and local level that requires redundant information. The HIREtech software platform can easily integrate most state programs in conjunction with your WOTC screening to maximize your results.
Why Paycor?
Paycor helps companies drive profitability and build their brands with an intuitive, cloud-based system. More than 30,000 small and midsized organizations across America choose Paycor for easy-to-use solutions that improve efficiency and streamline processes.
Our scalable solutions are built to help franchisees with one or hundreds of locations better manage their HR, payroll, applicant tracking, onboarding, WOTC and Affordable Care Act reporting, among other critical business processes.
Why HIREtech?
HIREtech is the fastest growing tax credit firm in the nation, currently servicing over 35,000 locations for all available federal, state and local hiring-related tax credits. Our people, innovation and results make all the difference.
Paycor & HIREtech Referral Partners
Paycor and HIREtech have established an automated payroll feed that makes implementing a tax credit solution simple. Paycor can send all the information necessary to start claiming credits directly to HIREtech.
