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 certified employers. There are some distinctions in how your credit is determined based on your organisation’ number of workers. You can claim 50% of these wages per staff member– a credit of $5,000/ employee. Thirty employees are not working but are still getting pay, and each worker is earning $5,000 during this period. Employers can claim both the ERTC and FFCRA tax credits for eligible staff members.

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