OIC - do I need to put in gross or net income?

Asked over 1 year ago - Los Angeles, CA

In the form 656B, do I put gross or monthly income after taxes and withholdings?

Attorney answers (2)

  1. Evan A Nielsen

    Contributor Level 18

    2

    Lawyers agree

    Answered . Generally, you'll enter gross wages (if an employee) then enter the allowable deductions below. If you're self employed, you'll enter the net income of the business activity as "income" and go from there.

    Good luck.

    Evan A. Nielsen is licensed to practice law in California and handles federal tax matters throughout the U.S. The... more
  2. Steven M Zelinger

    Pro

    Contributor Level 20

    1

    Lawyer agrees

    Answered . The form guides you through the process and it depends on if you are an employee or self employed. You have to complete form 433A/B in order to complete this as well. Current costs of doing business and taxes are part of the calculation so that it comes out to "net" income. Although this form may seem simple, it is not always so simple and you may benefit form the services of an attorney or tax professional (CPA) to complete it right the first time.

    This is not legal advice nor intended to create an attorney-client relationship. The information provided here is... more

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