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 supplies a tax credit to qualified companies. You can declare 50% of these earnings per worker– a credit of $5,000/ staff member. Thirty workers are not working however are still receiving pay, and each employee is earning $5,000 during this period.

The Employee Retention Tax Credit(ERTC)is an arrangement in the CARES Act that supplies a tax credit to certified employers. There are some distinctions in how your credit is calculated based on your business’ number of employees. You can claim 50% of these salaries per employee– a credit of $5,000/ staff member. Thirty staff members are not working but are still getting pay, and each staff member is making $5,000 throughout this period. Employers can claim both the ERTC and FFCRA tax credits for eligible employees.

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