Figuring Monthly Gross Income for the OIC


#1

HI!!!

I was just wondering if I could get some feed back on the formula’s other tax professionals are using to calculate gross monthly income for wage earners regarding the 433-A/OIC

Thanks-
Shiloh Jorden


#2

I’m not sure I understand what you are looking for by your question - could you elaborate more?

In general, if they are a wage earner you use their gross wages on the left side and deduct the taxes (WH, SS, Medicare) on the right along with other allowable expenses (rent, food, medical, etc).


#3

4.3 weeks in a month…2.17 biweekly? Is that what you are referring to? Canopy does all that automatically…