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Calculating Your SETC Tax Credit Refund Amount
Once you've established that you qualify for the SETC Tax Credit, the subsequent step involves calculating your potential credit amount.
You can learn how below. refundable tax credits is influenced by your average daily self-employment income and the total workdays you missed due to COVID-19 impacts.
For instance, the sick leave credit 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 you were unable to work due to reasons like quarantine or having COVID-19 symptoms.
On the other hand, the qualified paid family leave equivalent amount is the lesser of $200 or two-thirds of your average daily self-employment income.
This applies for days when you were unable to work due to COVID-19 related circumstances.
Moreover, if both you and your spouse are self-employed, you can each claim up to a specified SETC Tax Credit limit, provided you do not share the qualifying days related to COVID.
To calculate 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.
Read More: https://officialsetcrefund.com/learn/setc-scams-how-to-avoid-them-and-spot-shady-filing-companies/
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