Employed Income Calculator Using Paystubs/W2 Instructions

This article will review how to navigate IncomeXpert analysis tool including the following topics

Step by step instructions

Note: when using a paystub to determine income, you will not be able to calculate overtime, bonus, commission,tips, or other income.  If your want to take these income sources into account, you MUST use the VOE button (which also covers year end paystubs).  Paystub/W2 is only applicable for determining Base income.

Start by adding an Employed income to your Borrower on the BORROWER page.

Go to the INCOME page
Choose the correct borrower
Choose the income you wish to calculate


   
Enter in the required fields:

• Gross rate of pay
• Frequency of pay
• Pay Period End Date
• Hours per week (for hourly borrower only)
• Starting date ONLY if borrower started job less than 3 years from pay period date entered   
• Keep the "current job" box selected if this employment is a current source of income

• Enter in the income information found on the paystub and W2 for prior years.
• On the far left side click the “Save / Calculate button”

Pay note of the trending arrows

• Green up arrow: the income is stable or increasing as compared to YTD Base Only
• Red down arrow: the income is not meeting YTD amount as expected , needs further analysis
  
  NOTE :The top number (-1.1% on base example) is comparison between YTD and calcualted pay
  The bottom number (5.0% threshold Base) is company setting to "trigger" declining income

IncomeExpert recommends an income, but the final determination is at the discretion of the client