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

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The Employee Retention Tax Credit(ERTC)is a provision in the CARES Act that supplies a tax credit to certified companies. There are some distinctions in how your credit is calculated based on your service’ number of staff members. You can declare 50% of these earnings per worker– a credit of $5,000/ employee. Thirty staff members are not working however are still receiving pay, and each staff member is making $5,000 during this duration. Companies can declare both the ERTC and FFCRA tax credits for eligible workers.

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