WorkWORLD
|
|
||||
| Get Latest WorkWORLD |
|
||||
|
|||||
|
|
www.workworld.org |
workworld@vcu.edu |
The purpose of the Welfare to Work (WtW) Tax Credit is to encourage employers to hire job seekers who are most in need of employment. The tax credit was extended through 2005.
The WtW Tax Credit is targeted to long term welfare recipients–members of families that have received Temporary Assistance for Needy Families (TANF) for at least 18 consecutive months before the date of hire, or whose family’s TANF eligibility expired under federal or state law after August 5, 1997, or whose family received TANF for at least 18 months after August 5, 1997.
The WtW Tax Credit for hiring long-term welfare recipients is as much as $8,500 per new hire: 35% of qualified wages for the first year of employment and 50% of qualified wages for the second year of employment. Qualified wages, which include tax exempt amounts received under accident and health plans as well as educational and dependent assistance programs, are capped at $10,000 per year. To qualify employers for this tax credit, new hires must be employed at least 400 hours or 180 days.
Employers must apply for and receive certification from the Employment Security Commission office that their new hire is a long-term welfare recipient before they can claim the WtW Tax Credit on their federal tax return.
To apply for certification, employers must complete IRS Form 8850 by the date of the job offer. This form and its instructions, each in PDF format (requires Adobe Acrobat Reader), may be found at:
http://www.irs.ustreas.gov/pub/irs-pdf/f8850.pdf
http://www.irs.ustreas.gov/pub/irs-pdf/i8850.pdf
Additionally, employers must complete ETA Form 9061. This form, in PDF format (requires Adobe Acrobat Reader) may be found at:
http://www.uses.doleta.gov/pdf/Appendix_II/Appendix_II__1_ETA_9061.pdf
Workforce Development - Work Opportunity Tax Credit
Workforce Development - Community and Workforce Development
Workforce Development - Overview
WorkWORLD™ Help/Information System
Share/Save: Click the button or link at left to select your favorite bookmark service and add this page.
This is one topic from the thousands available in the WorkWORLD™ software Help/Information System.
Complete information about the software is available at: http://www.WorkWORLD.org
See How to Get WorkWORLD page at: http://www.WorkWORLD.org/howtogetWW.html
NOTE: Sponsored links and commercial advertisements help make the WorkWORLD™ website possible by partially defraying its operating and maintenance expenses. No endorsement of these or any related commercial products or services is intended or implied by the Employment Support Institute or any of its partners. ESI and its partners take no responsibility for, and exercise no control over, any of these advertisements or their views or contents, and do not vouch for the accuracy of the information contained in them. Readers are cautioned to verify all information obtained from these advertisements prior to taking any actions based upon them. The installed WorkWORLD software does not contain advertisements of any kind.
Copyright © 1996, 1997, 1998, 1999, 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, Virginia Commonwealth University. All rights reserved.