FAA6.N Examples : 25 Earned Income (EAIN/EAIC) Examples : V Budgeting Contract Example 2
V Budgeting Contract Example 2
 
Mary, who is a teacher, signed a volleyball coaching contract effective August 1 to November 30. The contract is for $4,000 regardless of how many hours Mary works. This contract is not intended for Mary’s annual income because the volleyball season is only for four months out of the school year. Mary’s primary source of income is her teaching contract.
 
On EAIC, key the following:
 
MO in the FREQ field.
4, the number of months determined, in the NUMBER OF PERIODS field.
4000, the gross income specified in the contract, in the GROSS AMOUNT field.
Document the method used to determine a monthly amount in the DOC field and press ENTER.
 
AZTECS divides the gross income of $4,000 by four to calculate the monthly amount. The monthly amount is $1,000.00.