dimpy.handa
Dimpy Handa
Many states have job creation programs in place to deal with high unemployment rates and to spur the growth of particular industries within their borders. These programs reward employers by way of tax deductions or grants in exchange for the employer increasing the number of employees. Such incentives are beneficial to the community at large as it means more dollars funneled into the community through wages earned.
Ohio's Job Creation Tax Credit Program provides an incentive for employers to increase their number of employees by allowing employers a deduction on their corporate tax. The specific amount of the deduction is determined by the amount of money the employee pays in state income tax. For example, if an employer hires an employee with an annual salary of $40,000, the state income tax withheld would be $1,112.50 (2010). The employer can deduct that sum from his corporate tax.
Ohio's Job Creation Tax Credit Program provides an incentive for employers to increase their number of employees by allowing employers a deduction on their corporate tax. The specific amount of the deduction is determined by the amount of money the employee pays in state income tax. For example, if an employer hires an employee with an annual salary of $40,000, the state income tax withheld would be $1,112.50 (2010). The employer can deduct that sum from his corporate tax.