Calculating the SETC Tax Credit Refund
After determining your eligibility for Go to this website the SETC Tax Credit, the next step is to calculate your possible refund amount.
You can learn how below. The SETC Tax Credit amount is determined by your 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 or 100% of your average daily income from self-employment for a set number of days when you couldn’t work due to reasons like being quarantined or having COVID-19 symptoms.
On the other hand, the family leave credit amount is the lower of $200 or 67% of your daily income from self-employment on average.
This is applicable for days when you couldn’t perform services because of COVID-19 related reasons.
Moreover, if you and your spouse are both self-employed, you can each claim a maximum SETC Tax Credit limit, as long as you don't share the qualifying days related to COVID.
To determine your SETC Tax Credit, you would use IRS Form 7202, which takes apply for setc tax credit into account eligibility according to self-employment status and COVID-related interruptions, as well as the family leave tax credit.