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 qualified employers. There are some distinctions in how your credit is determined based on your organisation’ number of workers. You can declare 50% of these salaries per employee– a credit of $5,000/ worker. Thirty staff members are not working however are still receiving pay, and each worker is earning $5,000 throughout this period. Employers can declare both the ERTC and FFCRA tax credits for qualified workers.

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