cancel
Showing results for 
Search instead for 
Did you mean: 
Sam1011
Level 1

Employee Retention Credit

Is the Employee Retention Credit 50% of eligible wages or 50% of employer taxes paid.

3 Comments 3
john-pero
Community Champion

Employee Retention Credit


https://www.irs.gov/coronavirus/employee-retention-credit

 

50% of eligible wages against employer social security with excess being paid out as an advance or allowance to reduce deposit of FWT, and both employer and employee FICA.

Sam1011
Level 1

Employee Retention Credit

Not sure what your answer means....  Is the credit for 50% of wages or 50% of withholding taxes paid.  For example say I had 20,000 in eligible wages and had say $3,000 in total deposit withholdings.  My credit would be 10,000 correct?

CharleneMae_F
QuickBooks Team

Employee Retention Credit

Hi there, @Sam1011.

 

Allow me to share details about Employee Retention Credit. The Employee Retention credit is for 50% of the employee's wages, not their taxes paid. 

 

For more information about the Employer taxes, check out these articles:

 

Also, here's an article that'll help ensure your compliance with federal tax regulations: Internal Revenue Service Payroll Tax Compliance.

 

Fill me in if you have other payroll related questions. I'd be glad to help.

Sign in for the best experience
Ask questions, get answers, and join our large community of QuickBooks users.
Sign In / Sign Up

Need to get in touch?

Contact us