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Calculating Your SETC Tax Credit Refund Amount
Once you've established that you qualify for the SETC Tax Credit, the next step is to calculate your possible refund amount.
You can learn how below. SETC tax return reviews is influenced by your daily self-employment income on average and the total workdays you missed due to COVID-19 effects.
For instance, the qualified sick leave equivalent amount is equal to the lesser 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 quarantine or having COVID-19 symptoms.
On the other hand, the family leave credit amount is the lower of $200 or 67% 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 a maximum SETC Tax Credit limit, provided you do not share the qualifying COVID days.
To determine your SETC Tax Credit, you would use IRS Form 7202, which takes into account eligibility according to self-employment status and COVID-related disruptions, as well as the family leave tax credit.
Website: https://officialsetcrefund.com/learn/refundable-tax-credits-explained/
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