Hi everyone! I am new on here and i really had trouble figuring out what the question was asking me. When it’s asking me for Estimated total family income for 2016 does it means with TAX or after all TAXES are removed? It does say “Estimated total family income means income from all sources, including salaries, wages, unemployment benefits, investments, child support, worker’s compensation, and all other income.” Thank you.
It’s before tax.
So if you look at your parents’ paystub, it should say gross wages or salary YTD (year to date), divide that by how many times they got paid so far, and then multiply that by how many total pay periods there are in the year (12 for monthly pay, 24 for bi-monthly, 26 for bi-weekly, and 52 for weekly).
You can’t assume that the paystub provides all income. Some housing allowances (military) are not included in wages as well as investment income, interest income, etc. Obviously simpler for some than others.
Yes. I was providing a way to calculate the 2016 income from working, even though the year is not over yet.
Investments and such, your parents might have to estimate interest/dividend income from last year’s tax return, or financial statements.