Question 1

Does gross monthly income include pay from a second job or side gig?

Accepted Answer

Yes. Your gross monthly income is the total of all sources of income before any taxes are taken out. This includes your side hustle, part time job and second job. Total gross monthly income Enter the total gross monthly income you receive from all of your active jobs.

Question 2

Does employer provided health insurance count as gross monthly income?

Accepted Answer

Nope. Employer contributions to benefits which are health insurance or retirement plans are not a part of your gross monthly income. Gross income is the cash you are paid before payroll deductions.

Question 3

Is gross monthly income the same as net income?

Accepted Answer

Nope. Gross Monthly Income: The total amount of income you make before deductions. After all federal and state taxes, FICA withholdings and voluntary benefits are deducted, you take home your net income.

Question 4

Does unemployment income count as gross monthly income?

Accepted Answer

Yes. Government-provided unemployment benefits are included in taxable gross income. If you are applying for loans or for housing, you can count unemployment compensation as one of your sources of total gross income unless the application specifically states income is limited to wages from active employment.

Question 5

Why do lenders and landlords ask for gross monthly income?

Accepted Answer

Your gross monthly income is a standard way of measuring how much you earn in total, and lenders and landlords will look at it. A consistent measure of your overall ability to pay is to compare pre-tax income to debt or rent payments.

Question 6

Does gross monthly income include bonuses and overtime?

Accepted Answer

Yes. Gross monthly income includes bonuses, overtime, tips, and sales commissions. If the payments fluctuate throughout the year, average the payments over a number of months to obtain a good baseline.

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Accounting Specialist

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