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 employers. There are some differences in how your credit is calculated based on your business’ number of workers. You can claim 50% of these incomes per worker– a credit of $5,000/ employee. Thirty workers are not working however are still receiving pay, and each worker is making $5,000 throughout this duration. Companies can claim both the ERTC and FFCRA tax credits for eligible staff members.

The Employee Retention Tax Credit(ERTC)is a provision in the CARES Act that offers a tax credit to certified employers. You can declare 50% of these incomes per worker– a credit of $5,000/ worker. Thirty workers are not working but are still receiving pay, and each worker is earning $5,000 during this duration.

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