Online ACH & Document Distribution Solutions
NatPay has partnered with EfficientHire for an effective Work Oportunity Tax Credit (WOTC) solution!
WOTC is a Federal tax credit available to employers for hiring individuals from certian target groups who have consistently faced significant barriers to employment.
Employers can hire eligible employees from the following target groups for WOTC:
Unemployed Veterans (Includes disabled veterans.)
Temporary Assiastance for Needy Families
Food Stamp Recipients
Designated Community Residents (living in Empowerment Zones or Rural Renewal Counties
Ex Felons
Supplemental Security Income Recipients
Summer Youth Employees (living in Empowerment Zones)
Earn up to $2,400 for each new adult hire.
Earn up to $9,000 for each new long-term family assistance recipient hired over a two-year period.
Earn up to $9,600 for each new disabled veteran hire unemployed for at least six months.
WOTC joins other workforce programs that incentivize workplace diversity and facilitate access to good jobs for American workers.
How does Efficient WOTC screening and processing help you achieve maximum credits?
The WOTC processing module ensures your candidates and hires are screened 100% of the time. Completely integrated into the application and/or on-boarding process, every candidate and employee will complete the WOTC questionnaire. Eligibility will automatically determined for each candidate eliminating paperwork for ineligible candidates and generating the appropriate logic-based questions for eligible candidates.
The processing team picks up the process after the paperwork is approved according to your workflow. Paperwork is submitted on your behalf to the appropriate state. Through the use of real-time dashboards and reports see the progress of each submission from start to finish. You supply the wages and hours - the rest is handled for you.
Use the reports generator to track all submissions and eligible employees from start to finish. Upload hours and earnings through the interactive reports module. At the end of the year get a credits report that is generated to help you file your taxes.
What are the steps to earning WOTC credits?
Step 1: Potential employee completes interactive online interview.
Step 2: Efficinet WOTC logic determines eligibility. If eligible, the employee signs documents.
Step 3: Efficient WOTC submits signed documents to the state.
Step 4: Efficient WOTC follows up and tracks outstanding items ensuring maximum credits.
Step 5: Using your payroll data, Efficient WOTC tracks and reports credits.
Step 6: Efficient WOTC provides year-end report to use when filing taxes.
All new employees must work a minimum of 120 to 400 hours in order for an employer to be eligible to claim the tax credit. The amount claimed by an employer depends on the number of hours of employment. Generally the credit is 25% of qualified first-year wages for those employeed at least 120 hours but fewer than 400 hours, and 40% for those employed 400 hours or more.
Employers hiring a larger number of employees eligible under WOTC can directly save thousands of dollars as a result of tax incentives.
Indirect benefits include substantial business potential and growth from community gains and individual self sufficiency.
Contact Us Today For More InformationContact us today to schedule a FREE online demonstration that is customized for your organization. If you like what you see, NatPay will prepare a free pricing proposal tailored to your specific needs.
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In business since 1991, NatPay remains a top leader in ACH & Document Distribution Solutions processing $145+ billion annually for 272,000+ ACH clients nationwide.
NatPay is insured through three major insurance carriers, and uses a third-party accounting firm to perform annual audits of its records.
NatPay is HIPAA compliant, and a SSAE 18 (SOC 1) Type 2 examined organization for both ACH and Document Distribution Solutions.