Thinking of this as a "match" would the error. Let's examine what it really is: A Tax on the wage amount. The Employer pays a tax and the employee pays a tax. In 2011 there was a Payroll Tax Holiday to stimulate the economy, resulting in the Employee rate being reduced to 4.2%. You likely heard on the news, "This will put $1,000 in your pocket" because they based this on the average annual wage being $50,000. So, clearly, it's not a Match process. it's a Tax Rate process.

Next, go here:

https://www.irs.gov/newsroom/covid-19-related-tax-credits-general-information-faqs

and then here:

https://www.irs.gov/newsroom/new-credits-fund-employers-for-coronavirus-related-paid-leave

There you see: "The eligible employer is entitled to a fully refundable tax credit equal to the required paid sick leave wages. Eligible employers can also get an additional credit for the employer's share of Medicare tax imposed on the qualfied sick leave wages and the cost of maintaining health insurance coverage for the employee during the sick leave period. The employer is not subject to the employer portion of Social Security tax on those wages."

And keep in mind that the payroll tax provision put in place for CARES/FFCRA include that the Employer is the impacted party, and the Employer is getting financial considerations and benefits. And the Sick Pay still is part of the YTD, and not overlooked. That means the employer is to "Stop paying social security tax on and entering an employee's wages on line 5a when the employee's taxable wages, including qualified sick leave wages, qualified family leave wages, and tips, reach $137,700 for the year."

Don't think beyond the quarter you are working on. The Employee in your example has the remaining wage limit of $37.7k, all of which is earned taxable wages in that quarter.