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SimTax makes it possible for companies of any size to benefit from the Work Opportunity Tax Credit Program. Each new hire provides the opportunity to earn a tax credit of up to $9,000 per certified employee.

Businesses located in a Federal Empowerment Zone or Renewal Community who employ individuals from those areas can earn up to a $3,000 tax credit per qualified employee each year.

By taking advantage of both credits, a new hire who is certified for WOTC Target Group I and who lives in an Empowerment Zone can earn your company tax credits of up to $11,000 during their first 2 years of employment and up to $3,000 a year each year thereafter.

SimTax also screens for the Hiring Incentives to Restore Employment (HIRE Act) Act Tax Benefits. The HIRE Act provides 2 potential tax benefits, a payroll tax exemption of up to $6,621.60 per eligible new hire, as well as a potential $1,000 retention bonus tax credit.

If your company hires individuals who were unemployed prior to working for you, you may not have to pay the 6.2% employer share of the Social Security tax which can yield up to a $6,621.60 payroll tax exemption per employee. This exemption is deducted from the 941 Payroll Tax Return and as a result, even not-for-profit companies who file a quarterly Form 941 Payroll Tax Return, may take advantage of this program.

Should any new hire who qualifies for the payroll tax exemption work be retained for at least 52 consecutive weeks and satisfy certain requirements, they may provide your company with the opportunity to earn up to a $1,000 retention bonus tax credit which would be claimed when you file your Federal Income Tax return in 2011.