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The Employee Retention Credit is a refundable tax credit against an employer's payroll taxes. [2] It was established as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), signed into law by President Donald Trump, in order to help employers during the pandemic. [3]
The Employee Retention Tax Credit (ERTC) is a provision included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This credit is designed to incentivize employers to keep ...
Volumes have been written about the PPP loans that kept so many employers afloat during the pandemic. But there's a lesser-known, yet equally potent federal helping hand that business owners should...
If the amount of the tax credit for an employer is more than the amount of the employer’s share of those payroll taxes owed for a given quarter, the excess is refunded to them, the Treasury stated.
Tax withholding, also known as tax retention, pay-as-you-earn tax or tax deduction at source, is income tax paid to the government by the payer of the income rather than by the recipient of the income. The tax is thus withheld or deducted from the income due to the recipient.
Amounts of income tax so withheld must be paid to the taxing jurisdiction, and are available as refundable tax credits to the employees. Income taxes withheld from payroll are not final taxes, merely prepayments. Employees must still file income tax returns and self assess tax, claiming amounts withheld as payments. [44]
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