A STIMULUS check calculator is allowing individuals to consider how much of the proposed $1,400 third stimulus check they could qualify for.
The calculator, featured on CNET, requires people to simply put in their filing status, adjusted gross income (AGI), and how many qualified dependents there were on their 2019 or 2020 tax forms.
A new calculator allows individuals to consider what they might receive if the latest $1,400 stimulus check proposals are passedCredit: Getty Images – Getty
CNET’s calculator takes into account filing status, adjusted gross income, and the number of dependents an individual might haveCredit: Getty Images – Getty
As things stand, Joe Biden’s $1.9 trillion coronavirus relief plan is moving forward, giving hope to many Americans that another round of stimulus checks may be on the way.
The Senate is likely to take up the relief plan, known as the American Rescue Plan, this week.
It currently outlines a stimulus payment of up to $1,400, which will be given to American residents based on income.
Biden said: “We have no time to waste. If we act now, decisively, quickly and boldly, we can finally get ahead of this virus.
“We can finally get our economy moving again. And the people of this country have suffered far too much for too long. We need to relieve that suffering. The American Rescue Plan does just that.”
PAYMENTS BASED ON INCOME
Currently, an individual taxpayer making less than $75,000 based on AGI will receive the full amount, while an individual with an AGI over $100,000 will not be eligible.
A sliding scale will also provide a percentage of that $1,400 to individual taxpayers making between $75,000 and $100,000.
The same system will be applied to a head of household (the full amount under $112,500; not eligible over $150,000) and a married couple filing jointly (the full amount under $150,000; not eligible over $200,000).
People with dependents would also see the size of the checks they receive based on the number of people they care for.
For example, a head of household with one dependent would receive $2,800, while a married couple with two dependents would receive $5,600.
The biggest sticking point for the bill, some experts say, is a provision added by the House that would raise the federal minimum wage to $15 per hour by 2025.
The Senate bill is unlikely to include the increase.