How does WOTC reduce the cost of doing business?

This is a question we answer every day and  it's really simple. One of the biggest expenses for employers is the cost of hiring. When you add up time spent, cost of training, turnover, cost of screening and interviewing potential employees hiring becomes a major expense, and the bigger your company is, the bigger the bill.

The Work Opportunity Tax Credit can increase your bottom line significantly. Obtaining this credit can actually turn your hourly rate of pay from $15.00 an hour into $10.50 an hour. Here's how:

If you hire one new WOTC eligible employee at a rate of $15.00 per hour and that employee works 400 hours and is paid gross wages of $6000.00 you will then earn the maximum value of your credit at $2400.00. Including the service fees for collecting the credit, at a standard rate of 25% of your credit's value, you have just saved $1800.00 reducing the hourly cost of that employee by $4.50 to $10.50.

If you're saving an average of $4.50 an hour by hiring WOTC eligible employees, you could save enough to hire 4 new employees instead of 3,  increasing your company's productivity while reducing the cost of doing business. That  is what this truly valuable hiring incentive is intended for, rewarding employers who are hiring and creating jobs in their communities.