amec
Level 4

So, keeping this simple -

A taxpayer with $200,000 in wages takes an employee retention credit of $10,000 on his payroll tax return. Payroll taxes without taking into consideration the credit are $30,000.

But, because of the credit, payroll tax expense is only $20,000?

And the deductible wages (after the M-1) is $190,000?

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