Yahoo Finance’s Kristin Myers joins Zack Guzman to explain how Americans can tell if they may qualify for a stimulus check outlined in the $2T coronavirus relief bill passed by the Senate.

Video Transcript

ZACK GUZMAN: But right now, we're going to be digging into that 880-page coronavirus stimulus bill passed by the Senate unanimously last night by a vote of 96 to 0. It now moves to the House. And House Speaker Nancy Pelosi sharing optimism that it will pass-- potentially just as unanimous as it did in the Senate-- tomorrow when we get that vote. She also called on Congress to do much more than that, though.

And when you look into this $2 trillion bill, there is stimulus checks poised to come your way if you did make less than $75,000 in the latest tax year. That might not apply to all Americans, depending on how much you made. But for more on this, I want to bring in Kristin Myers, who's been digging into that bill as well to kind of break down what people should be expecting. And, Kristin, I guess it does kind of depend on a case by case basis.

KRISTIN MYERS: Yes, absolutely. So let's start off with those stimulus checks, because I know that that is what pretty much everyone is most interested in right now. So you can get up to $1,200 if you are an individual filer-- just a single person-- $2,400 if you are filing jointly with someone else. As you mentioned, you have to earn under $75,000. Now, this is based on your past tax-- whenever you filed for your taxes. So if you haven't yet filed for 2019, they're actually going to be basing it on your salary and what you earned in 2018.

However, if you did earn over $75,000, you still could potentially receive some money, although that tax rebate is going to decline. That's up to $99,000. If you are filing jointly, that's for married couples up to about $200,000-- just underneath that about, $198. Now, I want to mention here that those stimulus checks that are mailed out-- because this is actually going around on Twitter, that it was going to be taxed-- these tax rebates are not going to be counted as taxable income. So I kind of want to dispel that rumor or that myth out there.

So if you are earning under $100,000 and you're a single person or $200,000 as a couple, you are probably going to be getting a check coming to you in the next coming days. I want to talk to you-- and we have a graphic about this-- how much this is actually going to boost your after tax income? So on average generally, you're going to see a boost there for these taxpayers of about 2.6%.

However, depending on what you are earning currently, that's going to change. So if you are in the bottom 20%-- so these are the workers that really, really need that money, really need that help-- you are going to be getting a boost in terms of your income up over 16%. Now, if you are a worker in the top 20%-- so obviously people that might not need that money as much-- your after tax income is only going to be boosted by 1.9%.

And I want to be clear here-- this is analysis that has been done by the Tax Foundation that kind of crunched these numbers together. Now, almost everyone below that 80th percentile is pretty much going to be receiving this tax rebate-- some sort of a check. If you are up over that 80th percentile, probably not going to be receiving money from Uncle Sam any time soon.

Now, of course, because this tax rebate is money back, what that means is that the federal government is going to be pulling in less money from taxpayers. Essentially, the federal government is going to be deep-- the federal revenue is going to decrease by about $300 billion in 2020-- specific number's actually $301 billion in 2020. That's from analysis that the Tax Foundation was able to crunch together.

Now, that's the stimulus checks. We also have-- and I'm going to run through this really quickly-- unemployment provisions. Zack, I know you were talking about this a little bit earlier, about how Senate Republicans tried to introduce in the 11th hour, really, provisions to make sure that people aren't earning more on unemployment than they did on their actual salary or in their wages. That's because the unemployment provisions actually tack on an additional $600 a week in this new bill.

So that's a hefty boost for people that need to file for unemployment. Now, if you are an employer, I know there's a lot of business owners that might be watching that are interested in this. So employers are eligible for a 50% refundable payroll tax credit. Now, that's going to be on wages that they pay up to $10,000 during the crisis. If you are a small business owner, you are going to be getting that tax credit regardless. If you are a business owner with over 100 employees, that tax credit is only going to be available to you if you are retaining your employees and paying them during this crisis.

So that's the long and short of it. It's an 880-page bill. So that's the very brief synopsis. As you mentioned, this was passed unanimously in the Senate. It is now being kicked over to the House, where it is largely expected to pass. I do want to mention here on those stimulus checks, people are wondering, how am I going to get paid? Do I need to file for it?

The answer is, no. If you filed taxes, at least in 2018, the IRS is going to be going through those numbers already. They're going to automatically send you the check. And if you have a bank account on file with the IRS-- a direct debit account-- that money is going to be deposited straight into your bank account-- so no work needs to be done there on the part of any taxpayers.

ZACK GUZMAN: All right, there you go. Kristin Myers breaking down 880 pages in four minutes time-- not bad, my friend. Thank you very much for that.