Coronavirus Tax Credits: What You Should Know About Employer Retention & Families First Credits

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The Employee Retention Tax Credit(ERTC)is an arrangement in the CARES Act that provides a tax credit to qualified companies. There are some differences in how your credit is calculated based on your organisation’ number of employees. You can declare 50% of these wages per worker– a credit of $5,000/ employee. Thirty staff members are not working but are still receiving pay, and each staff member is making $5,000 throughout this period. Companies can claim both the ERTC and FFCRA tax credits for eligible workers.

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