- Overtime pay before taxes averaged over previous 24 months. Your overtime must be averaged over two years to be considered monthly income. Overtime earned for less than two years will not be considered.
pre-tax income, total overtime
Related Terms and Acronyms
- Before-tax Income — Definition,
- Earnings before income taxes are paid.
- Earned Income — Definition,
- Money earned through wages, salaries, tips, net earnings (if self-employed), and any other income received for work or personal services. Investment income, such as dividends and interest, is not counted as earned income.
- Gross Income — Definition,
- Normal annual income including overtime that is regular or guaranteed. The income may be from more than one source. Salary is generally the principal source, but other income may qualify if it is significant and stable.
- Income — Definition,
- The money earned in a specific time period.
- Income Tax — Definition,
- The main source of revenue for the federal government and many Provinces. The tax is based on your earned and unearned income. The amount or percentage taxed is based on the amount of income, using the governments graduated tax scale.
- Taxable Income — Definition,
- Income that is subject to taxation after accounting for adjustments, exemptions, and deductions.