Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I just don't understand this part of the income calculation process, why multiply it by 26, when those of us that get paid twice a month only get 24 checks per year?
I just did the math on my income and this projection put me over my AMI limit and over what I actually get paid on a yearly basis. Therefore, I wonder if they also subtract our total tax liability when calculating this, because it doesn't make sense to include an additional month of pay that we don't get into the calculation of our total income.
Anyone here has gone through this and care to explain? I genuinely believe this calculation doesn't make sense without subtracting our tax liabilities.
I just don't understand this part of the income calculation process, why multiply it by 26, when those of us that get paid twice a month only get 24 checks per year?
I just did the math on my income and this projection put me over my AMI limit and over what I actually get paid on a yearly basis. Therefore, I wonder if they also subtract our total tax liability when calculating this, because it doesn't make sense to include an additional month of pay that we don't get into the calculation of our total income.
Anyone here has gone through this and care to explain? I genuinely believe this calculation doesn't make sense without subtracting our tax liabilities.
I'm pretty sure is 26, 52/2=26 bi-weekly that's how many paychecks I get in calendar year as per my hr agent.
I just don't understand this part of the income calculation process, why multiply it by 26, when those of us that get paid twice a month only get 24 checks per year?
I just did the math on my income and this projection put me over my AMI limit and over what I actually get paid on a yearly basis. Therefore, I wonder if they also subtract our total tax liability when calculating this, because it doesn't make sense to include an additional month of pay that we don't get into the calculation of our total income.
Anyone here has gone through this and care to explain? I genuinely believe this calculation doesn't make sense without subtracting our tax liabilities.
According to the HDC Applicant Income Guide if you are paid twice a month you will need to multiply your pay by 24. "Twice a month:$ paid twice a month x 24 = annual income"
According to the HDC Applicant Income Guide if you are paid twice a month you will need to multiply your pay by 24. "Twice a month:$ paid twice a month x 24 = annual income"
It's not an either/or option for them. If you are paid twice a month, let's say, on the 15th and the 30th, they MUST multiply by 24. If you are paid every two weeks, say, every Friday, they must multiply by 26.
You should explain this to them, even though they should know if already. If you are denied the apartment because of this, you must appeal, and you will win.
It's not an either/or option for them. If you are paid twice a month, let's say, on the 15th and the 30th, they MUST multiply by 24. If you are paid every two weeks, say, every Friday, they must multiply by 26.
You should explain this to them, even though they should know if already. If you are denied the apartment because of this, you must appeal, and you will win.
Thank you! That's what I thought, I get paid twice a month, therefore, I will make sure they calculate my income correctly and check for every calculation, I can only imagine how difficult it is for freelancers to calculate and dispute income related issues.
This mistake crops up occasionally. That’s why it’s important for applicants to familiar themselves with the Marketing Guidelines and use it as a weapon!
I just don't understand this part of the income calculation process, why multiply it by 26, when those of us that get paid twice a month only get 24 checks per year?
I just did the math on my income and this projection put me over my AMI limit and over what I actually get paid on a yearly basis. Therefore, I wonder if they also subtract our total tax liability when calculating this, because it doesn't make sense to include an additional month of pay that we don't get into the calculation of our total income.
Anyone here has gone through this and care to explain? I genuinely believe this calculation doesn't make sense without subtracting our tax liabilities.
I get paid semi-monthly (twice a month on the 15th and the 30th) and I've never had a problem with a management office calculating my income the wrong way. I've been to 2 interviews this year and it's written right on my pay stub that it is a semi-monthly payment. It can't hurt for you to point this out to them but they should definitely be able to figure out which pay stubs to multiply by 24 versus those that need to be multiplied by 26. I hope everything works out for you!
If your paid bi-monthly then yes you get 24 checks if your paid bi-weekly you actually get 26 remember there are months where people receive 3 checks.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
