Calculating Your SETC Tax Credit Refund Amount
After determining your eligibility for the SETC Tax Credit, the next step is to calculate your potential credit amount.
You can find out how in the following details. The SETC Tax Credit amount is determined by your average daily self-employment income and the total workdays you missed because of COVID-19 effects.
For instance, the qualified sick leave equivalent amount is equal to the lower of $511 USD or all of your average daily self-employment income for a certain number of days when follow this link you were unable to work because of reasons like being quarantined or having COVID-19 signs.
On the other apply for setc tax credit hand, the qualified paid family leave equivalent amount is the lesser of $200 or two-thirds of your daily income from self-employment on average.
This is applicable for the days in which you were unable to work due to COVID-19 related reasons.
Moreover, if both you and your spouse are both self-employed, you can each claim up to a specified SETC Tax Credit limit, as long as you do not share the qualifying COVID days.
To determine your SETC Tax Credit, you would utilize IRS Form 7202, which factors in eligibility according to self-employment status and COVID-related disruptions, as well as the family leave tax credit.