33 min
Understanding The Employee Retention Credit Pay Play Profit
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- Management
The Employee Retention Credit is a new credit that came out of the CARES act. The federal government put it in place to try to keep employees employed. They are giving employers money back to ensure this.
The credit is basically a refund of the Social Security and Medicare taxes you have paid on your employees’ wages. The idea behind the credit is to defer your payroll taxes. By the time the taxes are due, you will have this credit so you potentially won't owe them.
However, as with everything in the CARES act, things are constantly changing. Today, we discuss how the ERC works, which types of businesses can take advantage of it, and the new changes that have been implemented in 2021.
In this episode, you will hear:
Businesses that qualify for ERC $5,000 credit cap in the entire 2020 $7,000 credit cap per quarter in 2021 How to apply for the ERC and how it gets credited Subscribe and Review
Have you subscribed to our podcast? We’d love for you to subscribe if you haven’t yet.
We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.
If you really enjoyed this episode, we’ve created a PDF that has all of the key information for you from the episode. Just go to the episode page at www.profithero365.com/payplayprofit to download it.
Supporting Resources:
ProfitHERO™
Episode Credits
If you like this podcast and are thinking of creating your own, consider talking to my producer, Danny Ozment.
He helps thought leaders, influencers, executives, HR professionals, recruiters, lawyers, realtors, bloggers, coaches, and authors create, launch, and produce podcasts that grow their business and impact the world.
Find out more at https://emeraldcitypro.com
The Employee Retention Credit is a new credit that came out of the CARES act. The federal government put it in place to try to keep employees employed. They are giving employers money back to ensure this.
The credit is basically a refund of the Social Security and Medicare taxes you have paid on your employees’ wages. The idea behind the credit is to defer your payroll taxes. By the time the taxes are due, you will have this credit so you potentially won't owe them.
However, as with everything in the CARES act, things are constantly changing. Today, we discuss how the ERC works, which types of businesses can take advantage of it, and the new changes that have been implemented in 2021.
In this episode, you will hear:
Businesses that qualify for ERC $5,000 credit cap in the entire 2020 $7,000 credit cap per quarter in 2021 How to apply for the ERC and how it gets credited Subscribe and Review
Have you subscribed to our podcast? We’d love for you to subscribe if you haven’t yet.
We’d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast.
If you really enjoyed this episode, we’ve created a PDF that has all of the key information for you from the episode. Just go to the episode page at www.profithero365.com/payplayprofit to download it.
Supporting Resources:
ProfitHERO™
Episode Credits
If you like this podcast and are thinking of creating your own, consider talking to my producer, Danny Ozment.
He helps thought leaders, influencers, executives, HR professionals, recruiters, lawyers, realtors, bloggers, coaches, and authors create, launch, and produce podcasts that grow their business and impact the world.
Find out more at https://emeraldcitypro.com
33 min