How does Jubilee calculate the average monthly income to be reported on Sch. I?
Jubilee can handle multiple paychecks for your clients. It will average them based on the paycheck frequency, then convert the amounts to a monthly amount to be reported on Sch. I. Attached is a chart explaining the how Jubilee calculates the paycheck frequencies to convert the amounts to monthly figures.
Note: If paychecks are selected from multiple employers to use for Sch. I then they will get added in. Since Sch. I is income going forward, we are assuming they are working 2 jobs simultaneously. If they are currently only working 1 job but you would still like to average the income, then the solution is to check the "Include on Sch. I" box only for the paychecks for the current employer.