Calculating Your SETC Tax Credit Refund Amount
After determining your eligibility for the SETC Tax Credit, the subsequent step is to calculate your potential credit amount.
You can find out how in the following details. The SETC Tax Credit amount is influenced by your setc tax credit daily self-employment income on average and the number of workdays missed due to COVID-19 effects.
For instance, the qualified sick leave equivalent amount is equal to the lower of $511 USD or 100% of your average daily income from self-employment for a set number of days when you were unable to work due to reasons like being quarantined or having COVID-19 signs.
On the other hand, the qualified paid family leave equivalent amount is the lower of $200 or 67% of your daily income from self-employment on average.
This applies for the days in which you were unable to work because of COVID-19 related circumstances.
Moreover, if you and your spouse are both self-employed, you can both claim a maximum SETC Tax Credit limit, as long as you don't share the qualifying days related to COVID.
To calculate your SETC Click here for info Tax Credit, you would use IRS Form 7202, which factors in eligibility according to self-employment status and COVID-related disruptions, as well as the family leave credit.