What Is Form 8850
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Video instructions and help with filling out and completing Form 8850
Hi I'm Kelly get would pay smart payroll services I'm Sean per Baker with gifts CPAs I'm we're here to present work opportunity tax credit better known as wattsy so what is wattsy wattsy is a federal tax credit available to employers who hire individuals from eligible target groups with significant barriers to employment live watching there's a potential for reduced tax liabilities employers hiring target groups may be eligible to reduce their federal income tax liability as much as $9,000 employers make the hiring decisions watsi reduces an employer's cost of doing business while helping those in need fine and retain good jobs you get to make the decision on who you're hiring for many other state agencies you have a list of people that you can hire from in this scenario you do the hiring and then finally the US economy benefits the success and growth of this income tax credit for private sector businesses is beneficial for all who participate while increasing America's economic growth and productivity so how does watse work any private sector business that hires a new employee from an eligible target group may apply for watse in addition the tax credit is available to certain tax-exempt organizations that hire new employees from the watsi veterans target group veterans long-term or short-term Temporary Assistance for Needy Families events Supplemental Nutrition Assistance Program recipients or food stamps designated community residents vocational rehabilitation referrals ex-felons Supplemental Security income recipients summer youth employees both the designated community residents and summer youth employees must come from a Koz so who is not eligible relatives and dependents of the employer former employees regardless of how long it has been since they last worked for the employer so if you're just finding out about watse and you have recently hired an employee who would qua by you cannot fire them and rehire them in order to get the credit lastly majority owners of the business do not qualify how to calculate the tax credit the requirements are as follows employees must work at least 120 hours in the first year of employment for the employer to qualify to claim the tax credit with the Internal Revenue Service so if you have someone that you hired and they only work a hundred hours and then they leave they would not be eligible for the credit after the employee has worked at least 120 hours the employer may claim a tax credit equal to 25 percent of the new hires first year of qualified wages the maximum tax credit on first year wages is between 750 and $6,000 depending on the eligible target group after working at least 400 hours the employer may claim a tax credit equal to 40% of the new hires first year of wages the maximum tax credit on first year wages is between 1200 and 9600 dollars depending on the else will target group this credit is a non-refundable credit which means that if you have