2 min read
UPDATE: COVID relief for businesses: Employee Retention Credit eligibility reminder
An important employment tax credit provided by the CARES Act is the Employee Retention Credit (ERC). This credit is payroll tax credit equal to 50%...
As part of the COVID relief provided during 2020, employers and self-employed people could elect to defer paying the employer's share of their eligible Social Security tax liability.
Due to the COVID-19 pandemic, employers and self-employed people had the opportunity to defer paying their share of their eligible Social Security tax liability. Normally, this would be 6.2% of wages.
Half of that deferral was due on January 3rd, 2022. The other half is due January 3rd, 2023.
Employers and self-employed workers can make deferral payments through the Electronic Federal Tax Payment System or by credit or debit card, money order, or with check. The IRS recommends that these payments be made separately from other tax payments to ensure proper crediting.
It's important to get your social security tax payments correct, including deferral payments, in order to avoid being out of compliance.
For help with payments, contact PayNW today.
2 min read
An important employment tax credit provided by the CARES Act is the Employee Retention Credit (ERC). This credit is payroll tax credit equal to 50%...
The CARES Act provides for the delay of payment of Employer Social Security tax incurred between March 27, 2020 and December 31, 2020. Read the Act’s...
1 min read
Washington State’s Employment Security Department (ESD) rolled out emergency rules that ease the burden of temporary layoffs for workers and...