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  • Writer's pictureBrian R. Schobel, CPA

Employee Retention Credit, Thursday Tip from Brian R. Schobel, CPA

With all this Covid relief money flowing from our federal government, it is difficult to pin down what subsidies a business can claim. It was designed to keep employees on the payroll. This credit was extended through June 30, 2021.

As a result of the new legislation, eligible employers can now claim a refundable tax credit against the employer share of Social Security tax equal to 70% of the qualified wages they pay to employees after December 31, 2020, through June 30, 2021.

Qualified wages are limited to $10,000 per employee per calendar quarter in 2021. Thus, the maximum ERC amount available is $7,000 per employee per calendar quarter, for a total of $14,000 in 2021.


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