The formula to calculate the total stimulus check amount is:
First, calculate the combined income:
\[ \text{income} = \text{your income} + \text{your partner's income} \]
Next, calculate the excess income:
\[ \text{excess} = \text{income} - \text{cap} \]
Then, calculate the reduction based on the excess:
\[ \text{difference} = \left( \frac{\text{excess}}{100} \right) \times 5 \]
Calculate the initial support:
\[ \text{support} = \text{base amount} - \text{difference} \]
Finally, add the child support:
\[ \text{total support} = \text{support} + \left( \text{number of children} \times 500 \right) \]
The CARES Act stimulus check is a payment to help individuals and families during the COVID-19 pandemic. The amount is based on income, with reductions for those earning above certain thresholds, and additional amounts for dependent children.
Let's assume the following:
First, calculate the combined income:
\[ \text{income} = 90,000 + 70,000 = 160,000 \]
Next, calculate the excess income:
\[ \text{excess} = 160,000 - 150,000 = 10,000 \]
Then, calculate the reduction based on the excess:
\[ \text{difference} = \left( \frac{10,000}{100} \right) \times 5 = 500 \]
Calculate the initial support:
\[ \text{support} = 2,400 - 500 = 1,900 \]
Finally, add the child support:
\[ \text{total support} = 1,900 + \left( 2 \times 500 \right) = 2,900 \]
Therefore, the total stimulus check amount is $2,900.
