Calculating the SETC Tax Credit RefundOnce you've established that you qualify for the SETC Tax Credit, the subsequent step involves calculating your potential credit amount. You can find out how in the following details. https://officialsetcrefund.com/learn/qualify-for-self-employed-tax-credit/ is determined by your average daily self-employment income and the number of workdays missed because of COVID-19 effects.For instance, the qualified sick leave equivalent amount equates to the lower of $511 USD or 100% 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 experiencing COVID-19 symptoms.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 days when you couldn’t perform services because of COVID-19 related reasons.Moreover, if both you and your spouse are self-employed, you can each claim a maximum SETC Tax Credit limit, as long as you do not share the qualifying days related to COVID.To determine your SETC Tax Credit, you would utilize IRS Form 7202, which takes into account eligibility according to self-employment status and COVID-related disruptions, as well as the family leave credit.