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HI GUYS - I got called in for a SECOND interview. They want recent income information, does anyone know how they calculate the income? They want a notarized letter for income projection for 2020. with statements backing it up. Any hekpful advice or tips are greatly appreciated!
Hi Macnyc2003 - I dont know whether to use my gross income or NET income. I am not on a salary, I am employed but it is Freelance employment, I receive a W2, but should I go by my bank statement deposits? (which is what I net after taxes) or go by my gross income? PLEASE HELP! I have to give him my documents soon.
If you are paid on a W2, that’s not freelance. You’re on the payroll. Freelancers are paid on 1099s.
Also, the way it works is that you hand in your documents, everything that is requested, and they will figure it out. For W2 people, you will give in paystubs, and your gross income will be used. For 1099 workers, the after-tax and after-deductions number will be used.
Your bank statements will show your deposits, and you will have to explain the source of all of them.
Good luck,
Last edited by macnyc2003; 01-15-2020 at 08:42 PM..
Thank you Macnyc, I gave in all of my information. I used Gross income for my W2 work, and my net income for my self employment work. My W2 work is a pretty unique situation where I am essentially hired and fired the same day, I am contracted for the day and I am many many employers throughout the year, anywhere from 8-11 employers. So even though it is W2 work, it looks like self employment on paper. Im am so worried they wont understand it or do some wacky math with all the numbers. I added up the deposits myself and it am within the income bracket. Hopefully they do it the same way.. I wll know if I am approved in a few days! Fingers crossed.. Thank you for your help
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