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Chapter: 2400 Budgeting Income Program: MFAM 32 Step 1 - Perform the division to three decimal positions; that is, to three positions after the decimal point. Step 2 - If the third decimal position is five to nine, round the amount to the next higher cent. Step 3 - If the third decimal position is four or less, round the amount to the next lower cent (that is, drop the third decimal position). 2430.0700 INCOME CONVERSION (MFAM) Most income is received more often than monthly; that is; it is received weekly, biweekly, or semimonthly. Since eligibility and benefit amounts are issued based on a calendar month, income received other than monthly is to be converted to a monthly amount.

The following conversion factors based on the frequency of pay are used:

Weekly income (once a week): Multiply by 4. Biweekly income (every two weeks): Multiply by 2. Semimonthly income (twice a month): Multiply by 2.