The Employee Retention Tax Credit Helps Keep Workers Working for Employers Who Did Not Receive PPP Monies

The Employee Retention Tax Credit Helps Keep Workers Working

Employers can received a credit against their payroll taxes of up to $5,000 per paid employee offsetting the employer’s 6.2% share of Social Security taxes. Those who received a loan under the PPP Program are not eligible for this additional credit.

The credit is calculated as 50% of all qualified wages (including healthcare premiums paid in a given calendar quarter. Maximum qualified wages for all qualified wages is $10K resulting in a maximum credit for any employee $5,000.

https://www.kiplinger.com/article/taxes/T054-C005-S011-employee-retention-tax-credit.html