The Work Opportunity Tax Credit (WOTC) is a Federal tax credit available to employers who hire individuals from eligible target groups with significant barriers to employment. Each year, employers claim over $1 billion in tax credits under the WOTC Program.
Payce through our partnership with Walton Management Services, Inc. will perform the following services related to the administration of federal, state, and local financial incentives, including but are not limited to, workforce training incentive programs, state tax incentive negotiation, the Work Opportunity Tax Credit Program, Empowerment Zone Employment Credit incentive programs, State Enterprise Zone tax incentive programs, and job creation tax incentive programs.
Businesses can earn a tax credit of between $1,200 and $9,600 per employee, depending on the target group of the new employee and the number of hours worked in the first year. Employees must work at least 120 hours in the first year of employment to receive the tax credit.