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b. Semi-Monthly (Twice a month): The two most recent consecutive paycheck stubs covering the month prior to application. Individuals receive checks 24 times a year.
To calculate: Sum the gross amounts of two checks, multiply by 12 to get the annual income.
Example: Check for first 2 weeks- $1,500 and Check for second 2 weeks- $1,700. (1,500+ 1,700) = 3,200 monthly. $3,200* 12= Annual income: $38,400
c. Bi-Weekly (Paid every other week): The two most recent paycheck stubs covering a month prior to application. Individuals receive checks 26 times a year.
To calculate: Sum the gross amounts of two (2) checks and divide by 2 to get an average. Multiply by 2.1667 to get the monthly income. Multiply by 12 to get the annual income.
Example: Check for the first 2 weeks- $1,000 and Check for the second 2 weeks- $1,200. (1,000+1,200)/2= 1,100. Next- 1,000*2.1667= 2,383.37 months. Next- 2,383.37*12= Annual income: $28,600.44
d. Monthly: The most recent paycheck stub.
To calculate: Multiply the gross amount by 12 to get annual income.
Example: $900* 12= Annual income: $10,800
F. Unearned Income - is all income that is not earned. Unearned income shall be used in determining eligibility. Some common examples are: 1) Money and Inheritances given to an individual, a contribution statement is required;
2) Private pensions and annuities;
3) Payments such as Social Security benefits, Railroad Retirement benefits, Department of Veterans Affairs benefits, civil service annuities, workers' compensation, unemployment insurance, retirement benefits, and payments based on need involving federal funds;