INCOME CALCULATOR

Use this set of calculators for the following types of income: Salary, Hourly, Commission, Tip, Overtime, 2106 Expense & Social Security Income.

Completed by:

Date:

Title:

Loan #

Borrower:

Pay Frequency

Complete the Pay Period, and the Pay Frequency will automatically populate and change calculations through out the form.

Pay Period

Start date:

End date:

Pay Frequency

Weekly Bi-Weekly Semi-Monthly Monthly

Months to average for variable income

The calculator will automatically use a default worst case (12 or 24 month + YTD) average

Months elapsed year to date:

Optional Months to manually average

This number is automatically calculated from pay period dates entered above, and will be added to either 12 or 24 months (depending on the income trend) in the calculations for commission, tip, and over-time income

Salary Income

Pay Period Salary:

Year to date from most recent paystub

Current Average:

00,00.00

YTD Average:

00,00.00

Monthly Salary Income

00,00.00

Commission Income

Year to date from most recent paystub

WVOE Commissions (most recent year)

WVOE Commissions (previous year)

Monthly Commission Income

00,00.00

Hourly Income

Hourly Pay Rate

Average Hours Worked per Week

Monthly Hourly Income

00,00.00

Social Security Income (Use to gross up)

1040 Line 20a Social Security Benefits

1040 Line 20b Taxable Amount

Monthly Income

00,00.00

Overtime Income

Year to date from most recent paystub

WVOE Overtime (most recent year)

WVOE Overtime (previous year)

Monthly Hourly Income

00,00.00

Tip Income

Year to date from most recent paystub

WVOE Tip (most recent year)

WVOE Tip (previous year)

Monthly Tip Income

00,00.00

Secondary or Seasonal Income

Year to date from most recent paystub

Most recent year W2

Previous year W2

Monthly Income

00,00.00

Mileage Deduction Add Back

Enter number of Business miles

Monthly Income

00,00.00

Bonus Calculator

Use this to determine the amount of bonus income your borrower can use for qualifying.

Completed by:

Date:

Title:

Loan #

Borrower:

Pay Frequency

Complete the Pay Period, and the Pay Frequency will automatically populate and change calculations through out the form.

Pay Period

Start date:

End date:

Pay Frequency

Weekly Bi-Weekly Semi-Monthly Monthly

Months to average for variable income

The calculator will automatically use a default worst case average of either 12 or 24 months + YTD, or YTD depending on the income trend.

Months elapsed year to date:

11.6129

Optional Months to manually average

Enter TOTAL number of months to average variable income. YOU MUST EXPLAIN YOUR CALCULATION IN THE NOTES SECTION BELOW

Bonus Income

Year to date from most recent paystub:

WVOE Bonus (most recent year)

WVOE Bonus (previous year)

Monthly Bonus Income

00,00.00

Your income will be calculated three ways (Income / Time), and the most conservative figure will be displayed:

Most recent VOE + Current / (12mos + YTDmos)

Previous VOE + Most Recent VOE + Current / (24mos + YTDmos)

(Current / YTD Mos) x 12 / appropriate # months

Sole Proprietorship

Sole Propietor income is reported on schedule C. Complete all of the applicable white boxes to calculate borrower's qualifying income.

Completed by:

Date:

Title:

Loan #

Borrower:

Business Name:

12 or 24 Month Average

Average Monthly Income

00,00.00

Partnership / LLC Calculator

This income will appear on Line 17 of the 1040 and reports on Schedule E. On Schedule E Partnership / LLC Income is indicated by "P". Fill in all of the white spaces in the form using the borrower's K1 and 1065 Partnership returns.

Completed by:

Date:

Title:

Loan #

Borrower:

Business Name:

12 or 24 Month Average

00,00.00

Average Monthly Income

00,00.00

S-Corporation

This income will appear on Line 17 of the 1040 as it carries over from Schedule E. On Schedule E S-Corporation income is indicated by "S". Fill in all of the white spaces in the form using the borrower's K1 and 1120S S-Corporation returns.

Completed by:

Date:

Title:

Loan #

Borrower:

Business Name:

12 or 24 Month Average

00,00.00

Average Monthly Income

00,00.00

C-Corporation

Business income from a corporation will not appear on the borrower personal returns. Any eligible income will carry to the borrower through their W2s or 1099-DIV. Fill in all of the white spaces in the form, W2 income may be used to qualify the borrower. If the borrower owns 100% of the Corporation, and the business income is eligible per Agency Guidelines (see notes), then it may be added to the qualifying income.

Completed by:

Date:

Title:

Loan #

Borrower:

Business Name:

12 or 24 Month Average

00,00.00

Average Monthly Income

00,00.00

Farm

Farm income is reported on Schedule F.

Completed by:

Date:

Title:

Loan #

Borrower:

12 or 24 Month Average

00,00.00

Average Monthly Income

00,00.00

Sole Proprietorship

Sole Propietor income is reported on schedule C. Complete all of the applicable white boxes to calculate borrower's qualifying income.

Completed by:

Date:

Title:

Loan #

Borrower:

Business Name:

12 or 24 Month Average

00,00.00

Average Monthly Income

00,00.00

Sole Proprietorship

Sole Propietor income is reported on schedule C. Complete all of the applicable white boxes to calculate borrower's qualifying income.

Completed by:

Date:

Title:

Loan #

Borrower:

Business Name:

Use this side for Most Recent Schedule E

Number of owned during tax year

Rents received (Line 3)

- Total Expenses (Line 20)

+ depreciation or depletion (Line 18)

+ Insurance (Line 9)

+ Interest (Line 12)

+ Taxes (Line 16)

+ Eligible Other Expenses(Fire, Theft, or HOA dues) (Line 19 - with itemized statement)

Gross Yearly Rental Income

00,00.00

Gross Monthly Rental Income

00,00.00

- Current monthly mortgage payment (You must document the current principal, & interest payment. Enter the monthly expense here. Leave blank if free & clear.)

- Current monthly taxes, insurance & HOA dues(You must document the current monthly expense for each of these items as applicable. Enter the monthly expnse here.)

Net Monthly Income(Loss) for most recent

00,00.00

Use this side for Previous Schedule E

Number of owned during tax year

Rents received (Line 3)

- Total Expenses (Line 20)

+ depreciation or depletion (Line 18)

+ Insurance (Line 9)

+ Interest (Line 12)

+ Taxes (Line 16)

+ Eligible Other Expenses(Fire, Theft, or HOA dues) (Line 19 - with itemized statement)

Gross Yearly Rental Income

00,00.00

Gross Monthly Rental Income

00,00.00

- Current monthly mortgage payment (You must document the current principal, & interest payment. Enter the monthly expense here. Leave blank if free & clear.)

- Current monthly taxes, insurance & HOA dues(You must document the current monthly expense for each of these items as applicable. Enter the monthly expnse here.)

Net Monthly Income(Loss) for most previous

00,00.00

Does the lender require a 24 month average of rental income?

2yr Average Net Income/Loss

00,00.00