Hello,
Thank you for your reply. I have read many pages now about this and I'm still not sure what this does. I understand that I have to complete form 7200 and I should have done this along with my quarterly 941 forms for 2021. Does this allow for the employer to reduce the amount of the employer side of FICA payment that is due (SS and medicare the 7.65%) of 70% of 2021 wages paid for each quarter? For example, if I had $5000 in quarterly wages for 2021 that I could reduce the employer side FICA payment, the 7.65%, by 70% or $267.75?
Thank you...
