WOTC Meaning and
Definition
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WOTC, also known as the Work Opportunity Tax Credit, is a federal tax credit offered to employers as an incentive to hire individuals from specific target groups who have historically faced barriers to employment. This program was established by the U.S. Congress and is administered by the Internal Revenue Service (IRS).
The WOTC aims to encourage workplace diversity and enhance employment opportunities for individuals who may face challenges due to factors such as long-term unemployment, receiving public assistance, being a veteran, living in certain designated communities, or having a disability. By participating in the WOTC program, employers can receive a tax credit that offsets a portion of their federal income tax liability for each eligible employee they hire.
To qualify for the WOTC, employers must ensure that the employee hired falls under one of the specified target groups and completes the necessary forms within specific time frames. The available tax credit amount varies depending on the target group, the number of hours the employee works, and the wages paid. For instance, employers may receive a higher credit for hiring a long-term unemployed individual compared to hiring a recipient of public assistance.
Overall, the WOTC serves as a beneficial tool for employers, as it not only helps reduce their tax burden, but also promotes the inclusion of individuals who may face employment barriers, ultimately contributing to a more diverse and inclusive workforce.
Common Misspellings for WOTC
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