CMS’s Brian Kelly answers your questions about the Work Opportunity Tax Credit.
Today’s WOTC Wednesday question: How Are The WOTC Tax Credits Calculated?
CMS Responds: Big question is “We get these WOTC Tax Credits, how are they calculated?” There’s actually two benchmarks, the first one is the employee has to work a minimum of 120 hours and qualify for one of the targeted groups. If they work over 120 hours that’s 25% of the employee’s gross wages up to the first $6,000. If they work over 400 hours you can get 40% of the first $6,000 in wages which is where that $2,400 tax calculation comes from.
About Our WOTC Screening Services
- Why you should use CMS’s WOTC Tax Screening Service rather than doing it yourself.
- Get an idea of how much you could be saving by utilizing the Work Opportunity Tax Credit for your company, try our WOTC Calculator.
- Are you a CPA or tax service provider? Find out how you can become a strategic Business Partner.
Contact CMS Today to Start Saving!
In 25 years of providing valuable WOTC Screening and Administration services we’ve saved millions for our customers.
Contact CMS today to start taking advantage. Call 800-517-9099, or click here to use our contact form to ask any questions.