FAA6.N Examples : 25 Earned Income (EAIN/EAIC) Examples : J Semi-Monthly Income Example 2
J Semi-Monthly Income Example 2
 
On 05/16, Harry reports starting a new job on 05/15. Harry verifies the following:
 
Pay dates are on the 1st and the 15th.
The first paycheck will be received 06/01.
Harry will work 20 hours per week.
The rate of pay is $6 per hour.
 
20 x $6 = $120 (Manually convert)
$120 x 2.15 = $258 (Manually convert)
 
Key the following on EAIC:
 
INC TYPE: WA
FREQ: SM
NUMBER OF PERIODS:
PERIOD
DATE PAID
HOURS
HR. RATE
GROSS AMOUNT
01
06/01
 
6.00
258.00
02
06/15
 
6.00
258.00
 
Press ENTER. AZTECS averages and converts to a monthly amount.
 
Harry's income for June and ongoing is $516.