Take advantage of incentive programs that can help your bottom line. The hiring incentives listed below can help you reduce your tax payment and create peace of mind for your business while providing employment opportunities to individuals with barriers.
Work Opportunity Tax Credit (WOTC) is one tool in a diverse toolbox of flexible strategies designed to help move people from welfare into gainful employment and obtain on-the-job experience. It joins other tax credits, education, and workforce training programs that help American workers with barriers to employment prepare for good jobs; ease their transition from job to job; benefit from the creation of effective regional economic development strategies; and create high performance workplaces.
The consolidated WOTC for hiring most target group members can now be as much as:
New employee hires must belong to one of the following WOTC target groups in order for the employer to qualify for the WOTC:
Fidelity Bonding is a bonding service that helps at-risk job applicants get and keep a job. Fidelity bonding services reduce a business’s concerns about hiring at-risk job applicants who cannot be bonded through other sources. For this bonding, Union Insurance Group issues an insurance policy that protects your business against employee acts of dishonesty such as larceny, embezzlement, and theft.
Applicants eligible for fidelity bonding services include:
Ex-offenders, including individuals with records of arrest, probation, or any police record
A fidelity bond will not provide coverage for self-employed individuals looking for a performance bond, surety bond, or contract bond. Fidelity bonds cover only a specific employer-employee relationship, which is demonstrated by withholding income and social security taxes.
A fidelity bond does not provide coverage for poor workmanship, job injuries, or work accidents.
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