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b. Determine the time period that the paycheck represents (pay period ending date *). <br />c. Find the gross Yield to Date (YTD) wages. <br />d. Divide the gross YTD wages by the months represented, providing you with the monthly <br />gross wages. <br />e. Multiply the monthly gross wages by 12 to get the gross annual income for that particular <br />person. <br />f. If assets exceed $5,000, take the greater of the total of income generated from assets or the <br />current HUD approved passbook rate percentage times the total assets and add to gross <br />annual income. <br />* To determine the exact percentage, divide by the days of the month. Example: if the <br />paycheck "pay period ending" date is 6/8/22. You would take 8 divided by 30 (since there <br />are 30 days in June.) That equals 0.27. The total of months represented on the paycheck <br />would be 5.27 complete months. Five complete months through May, plus 0.27 of June. <br />Then you would divide the gross YTD wages by 5.27 to get the monthly wages, and multiply <br />by 12. <br />Calculation of total household income must include gross annual income of all adult household <br />members (age 18 or older) anticipated to be received during the coming 12 -month period. This <br />includes adult household member over the age of 18. <br />Income averaging is allowable for sporadic income or Applicants that are self-employed or <br />seasonally employed. Sporadic income includes income derived from bonuses, commissions, <br />overtime, etc. <br />Military Pay: <br />For purposes of computing the Applicant's gross monthly income regarding military pay, the <br />monthly income is the "total entitlement" shown on the applicant's most recent monthly Leave <br />and Earnings Statement and includes all regular pay, special pay and allowances. Non -taxed <br />income, such as a housing allowance, is counted as income. <br />Treatment of Assets: <br />Gross annual income includes income from assets when the total assets exceed $5,000. Assets <br />are defined as cash or non-cash items that can be converted to cash. Income from assets is <br />calculated according to the following guidelines: <br />If the household's total assets are greater than $5,000, annual income includes the greater of the <br />total of income generated from assets or the current HUD approved passbook rate percentage <br />times the total assets. <br />3 <br />1199\10\3609857.1 <br />REV: 10-18-23 SK <br />