Projecting Income - Received Semi-Monthly
Income received or expected to be received twice a month on the same dates is considered semi-monthly income. This includes all income scheduled to be paid on a semi-monthly pay cycle.
Manually convert the income when either of the following apply:
●Expecting 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 expecting 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.
●When the SM code is keyed, AZTECS multiplies the projected semi-monthly income by 2 and calculates the monthly gross income.
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 budget 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 weekly gross income.
Multiply the weekly gross income by 2.15. This amount is the projected semi-monthly check. Key the amount on EAIC.
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)