Income Verification Calculator
Note: this income calculator is designed to be conservative when calculating a predictable monthly income. Quite often the results are significantly lower than the results that can be obtained with more aggressive methods. This is designed to offer the safest possible numbers from a lender's risk perspective.
Use this date ONLY if the person whose income is being verified has not been employed with their current employer since January 1st.
W-2 Income is full year income from previous years, this field will accept simple math instructions such as 13,000 - 1,500. this is so that income from that should not be used can simply be taken out in the calculator, instead of the calculation being done before inputting. Typically income from box 5 of the W-2 is used, minus any non-recurring income such as moving expenses which are separated on the W-2 form.
The regular income fields can take simple math instructions, so that additional math is not needed to input the income. Typically this would be input like this: regular pay + vacation pay + holiday pay + sick pay. Only known recurring incomes should be input for a more accurate calculation.
In order to use commission and/or bonus income without a W-2 put 1 in the W-2 field and check the "Ignore W2s" box. This can also be used to ignore last year's income if it is too short or did not include current income bonus and commission.