Stimulus update: Second batch of direct payments worth up to $1,050 to be sent out in three days

Ryan King

October 22, 09:34 AM October 22, 09:34 AM

Millions of Californians are slated to receive their tax rebates totaling up to $1,050 in just three days.

California has already begun distributing payments earlier this month, but individuals who opted for payments via debit card are expected to start getting their rebate on Oct. 25.

STIMULUS UPDATE: DIRECT INFLATION RELIEF CHECKS WORTH $1,050 TO BE SENT OUT NEXT MONTH

The rebate, which is known as the Middle-Class Tax Refund, is meant to provide financial relief to middle-class residents who have been stung by stubborn inflation afflicting the nation. Californians must have completed their proper tax forms to receive the payments.

To qualify, residents must not be a dependent and have filed their 2020 tax returns by Oct. 15, 2021. Precise payments vary based on income and can range from $200 to $1,050.

Individual filers can get between $200 and $700, depending on whether they have a dependent, if they earn $250,000 or less in annual income.

Joint filers with annual earnings below $500,000, can get between $400 to $1,050 from the measure, based on whether they have a dependent.

A total of roughly $9.5 billion worth of payments will be rolled out in the program and about 17 million Californians are expected to get payments, according to ABC 10 News

Most payments are expected to come in October and the program is expected to wrap up near the end of January.

California has established a calculator so residents can see how much they qualify for.

Social Security update: Monthly payment worth up to $1,657 to arrive in just four days for millions

Ryan King

October 22, 08:45 AM October 22, 08:45 AM

Beneficiaries of Social Security are just four days away from receiving their monthly payment worth an average of $1,657.

On average, select recipients will receive payments of about $1,657, but the checks can theoretically go as high as $4,194 depending on one's standing, according to the Social Security Administration.

SOCIAL SECURITY PAYMENT: DIRECT CHECKS WORTH UP TO $1,657 FOR OCTOBER TO BE SENT TO MILLIONS IN JUST TWO DAYS

Social Security payments are determined based on a number of factors including one's retirement date and how much they paid into the program.

"You can begin getting Social Security retirement benefits as early as age 62," according to the Social Security Administration. "But we will reduce your benefits by as much as 30% below what you would get if you waited to begin getting benefits until your full retirement age. If you wait until your full retirement age ... you will get your full benefit."

The latest slate of checks will get rolled out for individuals who are born from the 21st through the 31st of the month and are expected to come on Wednesday, per the SSA schedule.

Recently, the acting commissioner of the Social Security Administration unveiled the highest cost of living adjustment for the program in 40 years — an 8.7% increase. The last time the SSA gave a larger increase was in 1981 when it was 11.2%.

The big payment bump is a response to red-hot inflation.

Retirees will soon see their benefit boost by $140 to $1,827 a month starting next January. Roughly 70 million recipients are currently enrolled in Social Security.