Common use of Annualizing Wages and Periodic Payments Clause in Contracts

Annualizing Wages and Periodic Payments. Use the CBRA Income Eligibility Worksheet (or equivalent) to calculate income based on hourly, weekly, or monthly payment information. Add the gross amount earned in each payment period that is documented and divide by the number of payment periods. This provides an average wage per payment period. Depending the schedule of payments, use the following calculations convert the average wage into annual income: ✓ Hourly wage multiplied by hours worked per week multiplied by 52 weeks. ✓ Weekly wage multiplied by 52 weeks. ✓ Bi-weekly (every other week) wage multiplied by 26 bi-weekly periods. ✓ Semi-monthly wage (twice a month) multiplied by 24 semi-monthly periods. ✓ Monthly wage multiplied by 12 months.

Annualizing Wages and Periodic Payments. Use the CBRA Income Eligibility Worksheet (or equivalent) to calculate income based on hourly, weekly, or monthly payment information. Add the gross amount earned in each payment period that is documented and divide by the number of payment periods. This provides an average wage per payment period. Depending the schedule of payments, use the following calculations convert the average wage into annual income: ✓  Hourly wage multiplied by hours worked per week multiplied by 52 weeks. ✓  Weekly wage multiplied by 52 weeks. ✓  Bi-weekly (every other week) wage multiplied by 26 bi-weekly periods. ✓  Semi-monthly wage (twice a month) multiplied by 24 semi-monthly periods. ✓  Monthly wage multiplied by 12 months.