I want to create a status formula titled "Income Status" with just one option "Over Income"

The fields i am using is titled "Total Number of Household Members" which is a formula numeric field and "Total Monthly Income".

So if the Total Number of Household Members is equal to "1" and the Total Monthly Income is greater than $1264 then change the "Income Status" to "Over Income".

The fields i am using is titled "Total Number of Household Members" which is a formula numeric field and "Total Monthly Income".

So if the Total Number of Household Members is equal to "1" and the Total Monthly Income is greater than $1264 then change the "Income Status" to "Over Income".