Converting Income - Overview
Income received more often than monthly must be converted to a monthly amount. AZTECS completes the following before converting income keyed on EAIC and UNIC:
●Totals the gross income.
●Divides the total by the number of pay periods to arrive at an average income per pay period.
●Drops the third number after the decimal point of the average income per pay period.
The following conversion factors are based on the frequency of pay:
●Weekly income (once a week): AZTECS multiplies the weekly amount by 4.3 to arrive at the monthly gross income.
Key the WK Frequency Code in the FREQ field on EAIC or UNIC when the income is received weekly. (See Example
Weekly Income).
●Bi-weekly (every two weeks): AZTECS multiplies the bi-weekly amount by 2.15 to arrive at the monthly gross income.
Key the BW Frequency Code in the FREQ field on EAIC or UNIC when the income is received bi-weekly. (See Example
Bi-weekly Income).
●Semi-monthly income (twice a month): AZTECS multiplies the semi-monthly amount by 2 to arrive at the monthly gross income.
Key the SM Frequency Code in the FREQ field on EAIC or UNIC when income is received semi-monthly. (See Example
Semi-monthly Income 1).
To manually convert income received more often than monthly, complete the following:
●Add all gross income received during the income period.
●Divide the total gross income by the number of pay periods in the income period used. This amount is the average gross amount per pay period.
●Multiply the average gross amount per pay period by the appropriate conversion factor. This amount is the monthly gross income.
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Documentation must support determinations of eligibility and benefit level. Document in sufficient detail to ensure that any reviewer can assess whether the determination is reasonable and accurate. Include specific information regarding the reason the income is determined to be normal. (See Income Documentation Requirements) |