What counts as income?
• Take home pay plus half of your pension contributions. • Self-employed income your books and other information will be needed. • State Benefit income less any tax paid. • Income from capital. • Self-employed income. • Certain state benefits (eg JSA (CB), retirement pension incapacity). • Private pensions. • Rental received from a sub-tenant or boarder. • Tariff income from capital.
• Generally, ANY AND ALL income or payments, including – wages, disability, SSDI or unemployment – employer in-kind benefits such as meals, housing or transportation – non-taxable benefits such as military allowances for quarters, rations, COLA and specialty pay • But not – income from need based public benefit programs like ATAP, TANF or SSI – one-time, lump sum payments • See the detailed list in the Civil Rule 90.3 Commentary What can I subtract for deductions? • Federal taxes, SUI, Medicare & Social Security actually OWED (not withheld) – The CSSD Child Support Calculator may be able to help you calculate this IF you are filing as an individual, have no dependents and take the standard deduction, and you are doing a primary custody calculation. • Mandatory retirement contributions and union dues • Childcare for this child so you can work. • Other deductions as allowed by Civil Rule 90.3 Commentary. If I quit or take a lower paid job will I pay less child support? • Probably not. •
– Bonuses, commissions, overtime, seasonal and part-time income are taken into consideration, subject to employer verification and with varying time limits. Income can also be generated from a rental property. The lender will count any rent over and above the monthly housing expenses from that property (such as the mortgage, taxes and insurance on that property) If you have many different sources of income then you may prefer a stated loan program. This will make it much easier and rewuire you to provide much less documentation then the standard full documentation loan. Social Security, disability,alimony, and child support which some lenders allow these sources of income to be grossed up to 125% Retirement and dividend income can also be counted as income. Lender will use 75% of the income for income purposes. Interests from savings accounts and Certificates of Deposit are also included in the calculation of the homebuyer’s income. However, these interest incomes do not count if funds
