.03 Projecting Income - Received Semi-Monthly
 
(06/01/14 - 07/31/14)
Income received or anticipated to be received twice a month on the same dates is considered semi-monthly income. This includes income scheduled to be paid on a semi-monthly pay cycle, regardless of the date received.
 
Manually convert the income when either of the following applies:
 
Anticipating a new source of income
One or more checks in the income period used does not represent the participant’s ongoing income
 
Complete the following when anticipating a new source of semi-monthly income:
 
Determine the average hours worked per week.
Multiply the average hours worked per week by the hourly rate, this amount is the projected weekly gross income.
Multiply the projected weekly gross income by 2.15. This amount is the projected semi-monthly income.
Multiply the projected semi-monthly income by 2. This amount is the projected monthly gross.
 
(See Example Semi-Monthly Income 2)
 
Complete the following when one of the semi-monthly checks is normal and one or more semi-monthly checks do not represent the participant’s ongoing income.
 
Key the normal semi-monthly check on EAIC.
Manually convert and anticipate the second semi-monthly check as follows:
Determine the average hours worked per week.
Multiply the average hours worked per week by the hourly rate, this amount is the anticipated weekly gross income.
Multiply the anticipated weekly gross income by 2.15. This amount is the anticipated semi-monthly check. Key the amount on EAIC.
 
(See Example Semi-Monthly Income 3)
 
When ALL semi-monthly checks in the income period used do not represent the participant’s ongoing income, see Converting Income - Overview. (See Example Semi-Monthly Income 4)