Calculating the SETC Tax Credit RefundOnce you've established that you qualify for the SETC Tax Credit, the next step involves calculating your potential credit amount. You can find out how in the following details. https://officialsetcrefund.com/learn/refundable-tax-credits-explained/ is influenced by your average daily self-employment income and the number of workdays missed due to COVID-19 impacts.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 where you were unable to work because of reasons like being quarantined or experiencing COVID-19 signs.On the other hand, the family leave credit amount is the lower of $200 or two-thirds of your average daily self-employment income. This applies for the days in which you were unable to work due to COVID-19 related circumstances.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 use IRS Form 7202, which factors in eligibility based on self-employment status and COVID-related disruptions, as well as the family leave credit.