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Line the bottom and sides of an 8x8x2-inch baking pan with parchment paper; set aside.
In a 3-quart heavy saucepan combine sugar, corn syrup, honey, and salt. Cook and stir over medium heat until mixture begins to bubble around the edges. Using a wet pastry brush, lightly brush the sugar from sides of saucepan. Cook, covered, for 3 minutes. (Meanwhile rinse spatula or spoon before using again.) Brush sides again. Clip a candy thermometer to side of saucepan (do not let it touch bottom). Cook, uncovered, without stirring, until mixture reaches 308°F (about 8 minutes). Meanwhile, in a small saucepan bring whipping cream to simmering; keep hot until needed.
As soon as sugar mixture reaches 308°F, remove from heat (temperature of the mixture will drop). Immediately stir in butter until melted. Using a long-handled spatula, gradually stir hot cream into mixture. (Be careful; mixture will foam up and steam.) Return to a gentle boil over medium heat. Continue boiling at a moderate, steady rate, stirring frequently, until thermometer registers 255°F (22 to 30 minutes).
Remove saucepan from heat; remove thermometer. Stir in vanilla. Quickly pour mixture into the prepared pan. Let stand for 2 to 3 hours or until firm.
Remove uncut caramels from pan. Using a buttered knife, cut into pieces. Wrap each piece in waxed paper or plastic wrap. Store in an airtight container at room temperature for up to 1 month.