WOTC
Business & Finance abbreviation · Tax
| Stands for | Work Opportunity Tax Credit |
|---|---|
| Categories | Business & Finance |
WOTC stands for Work Opportunity Tax Credit, a tax abbreviation.
Federal credit employers can claim for hiring people from targeted groups facing barriers to work, such as qualified veterans, long-term unemployed people, SNAP recipients and people with felony convictions. Employers must submit Form 8850 to the state workforce agency within 28 days of the hire date.
Example: Our onboarding packet includes the WOTC screening questions for every new hire.
Usage notes
The credit is generally up to $2,400 per eligible employee, with larger amounts for certain veterans. Congress has let it lapse and renewed it several times.
Related abbreviations
More tax abbreviations
- 1031 – Like-kind exchange (Internal Revenue Code section 1031)
- 1040 – U.S. Individual Income Tax Return (IRS Form 1040)
- 1040-ES – Estimated Tax for Individuals (IRS Form 1040-ES)
- 1040-NR – U.S. Nonresident Alien Income Tax Return (IRS Form 1040-NR)
- 1040-SR – U.S. Tax Return for Seniors (IRS Form 1040-SR)
- 1040-X – Amended U.S. Individual Income Tax Return (IRS Form 1040-X)
- 1041 – U.S. Income Tax Return for Estates and Trusts (IRS Form 1041)
- 1065 – U.S. Return of Partnership Income (IRS Form 1065)
- 1095-A – Health Insurance Marketplace Statement (IRS Form 1095-A)
- 1098 – Mortgage Interest Statement (IRS Form 1098)
- 1098-E – Student Loan Interest Statement (IRS Form 1098-E)
- 1098-T – Tuition Statement (IRS Form 1098-T)