Finance&/Math Question --"monthly" income if paid bi-weekly

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-anonymous-
Finance&/Math Question --"monthly" income if paid bi-weekly

Trying to fill out a form.  If i get paid bi-weekly, every other Wednesday...what would i need to divide my Gross Year's Income by to figure out my "monthly" income?

(it's not the same every other week, since my hours vary and it's hourly pay) 

I'm math-challenged and need some help with this one.

:-D Thank you SO much!

   

   

snazzy
Re: Finance&/Math Question --"monthly" income if paid ...

i would just divide your yearly gross by 12 months. most incomes vary because of hourly pay so as long as you have an average monthy i would think that would be ok. i guess it would depend on what its for as to how accurate you have to be.

~No pressure, no diamonds.~

-anonymous-
Re: Finance&/Math Question --"monthly" income if paid ...

it's very important, a legal document that determines stuff.  i can't just divide it by 12 because that would be more than what i really earn/month.

but thanks for your reply, i really appreciate it!

think i figured it out....divide Gross Year's Income by 26 and that gives me my bi-weekly gross income, then multiply by 2.15 to get my gross monthly.

don't know if it's right, but it's an honest attempt!

 

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Ashton
Re: Finance&/Math Question --"monthly" income if paid ...

Or you can use this handy calculator to figure out gross monthly income.

http://www.freebiecreditreport.com/incomecalculator.php

Zoo Keeper
Re: Finance&/Math Question --"monthly" income if paid ...

We have to compute income for our clients and use the following formula given to us by our state...

add  two paychecks gross pay together, divide by 2, multiply by 26 and divide by 12. Now this doesn't take into account months where you make more etc because it based the two paychecks stubs. If you use YTD than snazzy's idea is the most reasonable because it takes in all sources of income (OT, holidays) and while it may seem like it makes your monthly income high you did actually make that much if not more in certain months or you wouldn't have that total.

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