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<p> Calculating Your SETC Tax Credit Refund Amount</p><p> </p><p> </p> Once you've established that you qualify for the SETC Tax Credit, the subsequent step is to calculate your possible refund amount.<p> </p> You can learn how below. The SETC Tax Credit amount is determined by your average daily self-employment income and the total workdays you missed due to COVID-19 effects.<p> </p><p> </p> For instance, the qualified sick leave equivalent amount equates to the lower of $511 or all of your average daily self-employment income for a certain number of days where you were unable to work because of reasons like being quarantined or experiencing COVID-19 symptoms.<p> </p><p> </p> On the other hand, the qualified paid family leave equivalent amount is the lower of $200 or two-thirds of your average daily self-employment income.<p> </p> This applies for the days in which you couldn’t perform services due to COVID-19 related reasons.<p> </p><p> </p> Moreover, if both you and your spouse are both self-employed, you can both claim up to a specified SETC Tax Credit limit, provided you do not share the qualifying days related to COVID.<p> </p><p> </p> To determine your SETC Tax Credit, you would use IRS Form 7202, which factors in eligibility according to self-employment status and COVID-related disruptions, as well as the family [https://qna.lrmer.com/index.php?qa=user&qa_1=sjarthrnke Lila, a gig worker with multiple income streams, is eligible for the setc tax credit after missing work to care for her child due to COVID-related daycare closures  ] leave credit.<p> </p><p> </p>