C Converting Income - Overview
 
(10/01/13 – 12/31/13)
Income received more often than monthly must be converted to a monthly amount. AZTECS converts income keyed on EAIC and UNIC after averaging the income. The following conversion factors are based on the frequency of pay:
 
Weekly income (once a week): Multiply the gross amount by 4.3. (See Example Weekly Income).
Bi-weekly (every two weeks): Multiply the gross amount by 2.15. (See Example Bi-Weekly Income).
Semi-monthly income (twice a month): Multiply the gross amount by 2. (See Example Semi-monthly Income 1).
 
When projecting a new source of semi-monthly income, complete the following:
 
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 income.
 
(See Example Semi-monthly Income 2).