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 offers a tax credit to qualified employers. There are some differences in how your credit is determined based on your organisation’ number of employees. You can declare 50% of these salaries per staff member– a credit of $5,000/ worker. Thirty workers are not working but are still getting pay, and each staff member is earning $5,000 during this duration. Companies can claim both the ERTC and FFCRA tax credits for eligible employees.

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