![]() But how much will it be? Let's begin by computing how much we exceed the cap by:Įxcess = income - cap = $160,000 - $150,000 = $10,000 We see that it is more than the $150,000 mentioned above, so you won't get the full $2,400. This is the number we put into the above stimulus payment calculator. How much stimulus will you get from the CARES Act? Let's look into the calculations together with the stimulus check calculator.įirst, let us compute your combined income. You earn $90,000 a year, and your partner earns $70,000. Let's say that you're a married couple with two young kids. Similarly to the first point, the more you exceed that number, the less you can get, but this time the cap is $136,500. If you qualify as the "head of household," you are eligible for $1,200 if you earn up to $112,500. In special cases, such as being a single parent, the rules are less strict. Also, we still add the $500 for every child. Again, their checks will be reduced on a sliding scale if they earn between $150,000 and $198,000. This means that a couple is eligible to receive $2,400 if their total income doesn't exceed twice the number mentioned for a single person, i.e., it is not higher than $150,000. The support for married couples is calculated together. A married couple or a single parent can obtain an extra $500 for every child under 17. There's additional money for every child. If you earn more than that, subtract $5 from that number for every additional $100 of income, up to a salary of $99,000 a year. ![]() Every American that earns $75,000 a year or less is eligible to receive $1,200. Let's list the main factors on which the $2 trillion coronavirus stimulus package will work: The rebate begins phasing out when incomes exceed $75,000 (or $150,000 for joint filers)." " The bill also provides funding for $1,200 tax rebates to individuals, with additional $500 payments per qualifying child. It is a one-time (which may be repeated later on, if needed) social fund for all those struggling and worrying about the near future. That's precisely the problem the $2 trillion coronavirus stimulus package is here to address. ![]() So what about those whose work cannot be done remotely? And what about people working in places such as schools, restaurants, or bars, which are being closed down? Where are they supposed to find the money to survive this difficult time? Some states (e.g., California) are in complete shutdown and forbid work as we know it. Employers, if possible, have suggested home offices and have closed their workplaces for the time being. People prefer not to risk being infected and stay home. With the virus raging around the world and more and more Americans testing positive for it every day, the economy is suffering. For more information, we encourage you to see our FAQ section or read the Act itself to find any additional information on the coronavirus relief package. ![]() Note that this stimulus check calculator does not address every possible exceptional situation mentioned in the bill. The quarantine has affected our budgeting, and what better way to help us manage that than through some of our tools like our quarantine food calculator and our toilet paper calculator, to name a few? While we struggle to put enough food on the table and sufficient toilet paper in the bathroom, let's find out who is eligible for the stimulus and what the payout will be for individual Americans. The new bill, also referred to as the Coronavirus Aid, Relief, and Economic Security Act (or CARES Act for short), was voted through by the Senate by a unanimous 96-0 and signed by the President on Friday 27th March, is trying to address this problem. This pandemic has changed our private lives (and will continue to do so), and many of us have lost our source of income for who knows how long. Welcome to the stimulus payment calculator, where we answer your question, " Who is eligible for the stimulus, and how much stimulus will I get?" The $2 trillion coronavirus stimulus package, announced on 25th March, is the biggest one in history. ![]()
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