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This suggests that the credit will act as an overpayment and be reimbursed to you after deducting your share of those taxes. The table listed below highlights your payroll expenses for one full-time worker for 2020 based on three qualified quarters. The table only includes FICA taxes as an expense because other expenses would not be affected.

Payroll Credit New Payroll Q1 Yes $4,800 $367,20 $5,167. 20 $2,400 $2,767. 20 Q2 Yes $4,800 $367. 20 $5,167. 20 $2,400 $2,767. 20 Q3 Yes $4,800 $367. 20 $5,167. 20 $200 $4,967. 20 Q4 No $4,800 $367. 20 $5,167. 20 $0 $5,167. 20 Total Overall $19,200 $2,937. 60 $22,137. 60 $5,000 $17,137.

800. With the ERC, your payroll expenses drop to $15,668. 80.  Another Point of View  for this employee for Q1 and Q2 exceeds the quantity that you pay in Social Security taxes. That is not the case in Q3. Quantity of the Credit for 2021 For 2021, the credit is equivalent to 70% of up to $10,000 in certified incomes (consisting of amounts paid toward medical insurance) per full-time staff member for each qualified calendar quarter beginning Jan.

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This works out to a maximum credit of $14,000 per staff member ($7,000 per quarter) for the period. The credit is used to your part of the staff member's Social Security taxes and is completely refundable. This means that the credit will function as an overpayment and be reimbursed to you after deducting your share of those taxes.

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The table only includes FICA taxes as a cost considering that other costs would not be affected. 2021 Qualified Wages FICA Reg. Payroll Credit New Payroll Q1 Yes $4,800 $367. 20 $5,167. 20 $3,617. 04 $2,767. 20 Q2 Yes $4,800 $367. 20 $5,167. 20 $3,617. 04 $2,767. 20 Total Total $9,600 $1,468.

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80 $7,234. 08 $5,534. 40 The table shows that your routine payroll expenses for this worker for the very first half of 2021 would have been $11,068. 80. With the ERC, your payroll expenses drop to $5,534. 40. Your credit for this staff member for Q1 and Q2 exceeds the quantity that you pay in Social Security taxes.