Calculating Your SETC Tax Credit Refund Amount
After determining your eligibility for the Visit website SETC Tax Credit, the subsequent step is to calculate your possible refund amount.
You can learn how below. The SETC Tax Credit amount is influenced by your average daily self-employment income and the total workdays you missed because of COVID-19 impacts.
For instance, the qualified sick leave equivalent amount equates to the lesser of $511 or all of your average daily self-employment income for a set number of days where you couldn’t work because of reasons like being quarantined or having COVID-19 symptoms.
On the other hand, the qualified paid family leave equivalent amount is the lower of $200 USD or two-thirds of your average daily self-employment income.
This applies for days when you couldn’t perform services because of COVID-19 related circumstances.
Moreover, if you and your spouse are self-employed, you can both claim a maximum SETC Tax Credit limit, as long as you do not share the qualifying COVID days.
To determine your SETC Tax Credit, you would use Visit this link IRS Form 7202, which factors in eligibility according to self-employment status and COVID-related interruptions, as well as the family leave credit.