Targeted Groups

Work Opportunity Tax Credit (WOTC)
A tax credit available to employers for wages paid to employees hired from certain targeted groups of hard-to-employ individuals. Generally, the credit is 40% of the first $6,000 of qualified wages ($3,000 for qualified summer youth employees) paid to each member of a targeted group during the first year of employment, and 25% in the case of wages attributable to individuals meeting only minimum employment levels.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.