Calculating Your SETC Tax Credit Refund AmountAfter determining your eligibility for the SETC Tax Credit, the next step is to calculate your possible refund amount. You can find out how in the following details. https://officialsetcrefund.com/learn/setc-faq/ is influenced by your average daily self-employment income and the total workdays you missed due to COVID-19 effects.For instance, the qualified sick leave equivalent amount is equal to the lower of $511 or all of your average daily self-employment income for a certain number of days where you couldn’t work because of reasons like being quarantined or having COVID-19 symptoms.On the other hand, the qualified paid family leave equivalent amount is the lower of $200 or 67% of your average daily self-employment income. This is applicable for days when you couldn’t perform services due to COVID-19 related reasons.Moreover, if 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 utilize IRS Form 7202, which factors in eligibility according to self-employment status and COVID-related interruptions, as well as the family leave credit.