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Tax Credit Programs

Tax Credit Programs

As a restaurant owner, you may be entitled to receive a Federal Insurance Contributions Act (FICA) tip credit, allowing you to claw back 7.65% of the gross amount of taxes paid on tips over and above the federal minimum wage.

Your [payroll specialist] will work with you to determine your eligibility as well as help you file for the tax credit. For more information, visit the FICA Tip Credit resource center.

If you have hired individuals from certain targeted groups who have consistently faced significant barriers to employment, you may be eligible for the The Work Opportunity Tax Credit (WOTC). Targeted groups include:

  • Qualified IV-A Recipient
  • Qualified Veteran
  • Ex-Felon
  • Designated Community Resident (DCR)
  • Vocational Rehabilitation Referral
  • Summer Youth Employee
  • Supplemental Nutrition Assistance Program (SNAP) Recipient
  • Supplemental Security Income (SSI) Recipient
  • Long-Term Family Assistance Recipient
  • Qualified Long-Term Unemployment Recipient

Exact Payroll will assist you with pre-screening and certification as well as claiming the tax credit. For more information, visit the Work Opportunity Tax Credit resource center.

The Welfare-to-Work (WTW) tax credit has been rolled into the WOTC tax credit as of 2006. See the above section on WOTC for information on eligibility for this tax credit.

If you are a business located in a Federal Empowerment Zone (EZ) with employees also located in an Empowerment Zone, you may be eligible for an EZ tax credit of up to $3000 per employee. This credit applies to full-time, part-time, current and newly-hired employees as long as they work at least 90 days during the year in which the credit is claimed.

We will ensure you receive the employment tax credits you deserve. For more information, visit IRS Publication 954, Tax Incentives for Distressed Communities.