The employer must also have retained its employees during this period and paid them at minimum $600 in qualifying wages. Qualifying wages are salary, hourly pay and commissions. For wage payments made between March 13, 2020 and December 31, 2020, the employee retention credit is available. The credit is equal 50% of the qualified wages paid to employees by the employer. The maximum amount of qualified wages per employee is $10,000, so the maximum credit that an employer can receive is $5,000 per employee.
FAQs: Coronavirus and Tax Implications The ERC Assistant team is also able to provide ready-to–file documents for IRS without you having to involve your payroll company. Get more credits by using our industry pros and proprietary technology. Eligible employers can use a PEO/CPEO to report the retention credit on the aggregate Form 941 and Schedule A.