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Old 23-12-2014, 06:37 PM
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Originally Posted by Unregistered View Post
How is the monthly income defined?

Is it based on total annual income (including bonuses) divided by 12 months? Or is it just based on the monthly salaries without the bonuses?

Eg. Mr and Mrs Tan.

Gross monthly salary for Mr Tan : $13,000
Gross monthly salary for Mrs Tan : $9,000
Total household gross monthly income : $22,000

Bonuses for the year:
Mr Tan : 3 months or $39,000
Mrs Tan : 3 months or $27,000

Total annual household income : $22,000 x 12 + $39,000 + $27,000 = $352,000
Gross monthly income : $352,000/12 = $29,000

Should they use $29,000 or $22,000 ?
As long as they use MOM/IRAS data sources, it is annual/12 I.e. 29k
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