Income Calculation Worksheet
Salaried/W-2 Wage Earner Calculation Determination
This calculation sheet is provided as a tool to assist the underwriter in determining the gross monthly
income for W2 wage earners. The underwriter should not solely rely on this form but also apply reliable
industry income calculation standards in conjunction with the guidance this form provides. A
separate form is to be completed for all borrowers and placed in the loan file. Comments and/or
calculation explanations should be included when necessary.
Borrower:
Hourly wage (gross) x hours x 52 weeks ÷ 12 months = $
Weekly wage x 52 weeks ÷ 12 months = $
Bi-weekly wage x 26 ÷ 12 months =$
Twice a month wage x 24 ÷ 12 months =$
*All final calculations should align with the YTD on the current paystub provided.
Seasonal wage ÷ 12 months = $
• Seasonal /Irregular Pay can be used to qualify the loan if the borrower can demonstrate prior two
years of receipt as well as the likelihood that it will continue for the next three years
• Underwriter should obtain LOE from employer if needed, for the analysis and clarification of overtime, bonus or
commission. As well astodeterminecurrentyearexpectationofseasonal/irregularemployment& months anticipated
that the borrower will work etc.
Other Income:
*Other gross monthly income = $
*If any income type is not explicitly addressed in these guides, FNMA guidelines prevail and
s
hould be followed for underwriting purposes.
Total Gross Monthly Income = $ _
