Step 1: Determining Your Eligibility
In just a few minutes we'll be able to tell you about how much money you qualify to receive back with the Employee Retention Tax Credit. You are welcome to guess-timate the answers in this calculator, but remember - the more accurate the information you provide the more accurate your estimate will be. After you receive your estimate you will have the option to allow us to help you file for this refund - there's no fee or committment to find out how much money the government owes you! Our first step is to assess whether you qualified for the Employee Retention Tax Credit in either of 2020 or 2021. Your eligibility for both years is based on the following two questions as they related to 2019.
Full Time Employees is defined as employees working at least 30 hours per week or 130 hours for the full month.
There are two criteria by which you can qualify for ERTC. This first question alone does not disqualify you.
Step 2: Gross Receipts Test
Even if your operations were not suspended due to governmental orders, you can still qualify based on experiencing a decline in gross receipts (even if that decline has nothing to do with COVID-19).
Payroll Protection Program (PPP) Loans Received
Qualifying Wages
Compensation Range
While there will certainly be outliers and senior management positions will make more - we're just trying to get a ballpark figure on the "average" for employees making over $40,000 per year. Just do the best you can. This is only an estimation and when we actually perform these calculations for audit support, these credits are calculated with precision at the employee level.
Aggregation Consideration
For purposes of this question, you must consider spouses to have constructive ownership with each other. Therefore, if a husband owns 51% of one business and a wife owns 51% of a different business, then they should both be considered to own 51% of both businesses.
We are looking for COMMON OWNERSHIP here so this only applies if the same group owns both businesses.
Final Question