CARES Act Offers Social Security Tax Deferral and Tax Credit for Certain Employers Hurt by the COVID-19 Pandemic
Section 2301 of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) (H.R. 748) offers a refundable credit against an eligible employer’s share of Social Security payroll taxes (6.2%) for 50% of up to $10,000 in qualified wages paid to each employee between March 13 and December 31, 2020, while the employer is forced to partially or fully suspend operations, or has decreased gross receipts due to the COVID-19 epidemic (the “Employee Retention Credit”). Click here to read more.
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