XJY company has more than 100 employees. They are eligible for the employee retention refundable credit and understand that they can get an advance credit by withholding payroll tax deposits. Which statement is correct concerning the withholding of payroll deposits in order to receive an advance on any of the COVID-19 related refundable credits?

Select one:

a. The payment of the employers share of Social Security tax on eligible wages will be waived with no penalty.

b. They can withhold up to the amount of qualified retention wages paid between April 1 and December 31, 2020.

c. They can begin withholding payroll tax deposits to obtain an advance of the employee retention on the Form 941 for the first quarter of 2020.

d. The penalty for any employment tax deposit not timely deposited in order to obtain an advance on a refundable credit authorized under FFRCA or the CARES Act will be waived by the Secretary of the Treasury.