function calculateGrossMonthlyIncome() {
var annualSalary = parseFloat(document.getElementById('annualSalaryInput').value) || 0;
var hourlyWage = parseFloat(document.getElementById('hourlyWageInput').value) || 0;
var hoursPerWeek = parseFloat(document.getElementById('hoursPerWeekInput').value) || 0;
var commissionAmount = parseFloat(document.getElementById('commissionAmountInput').value) || 0;
var commissionFrequency = document.getElementById('commissionFrequencySelect').value;
var bonusAmount = parseFloat(document.getElementById('bonusAmountInput').value) || 0;
var bonusFrequency = document.getElementById('bonusFrequencySelect').value;
var otherIncomeAmount = parseFloat(document.getElementById('otherIncomeAmountInput').value) || 0;
var otherIncomeFrequency = document.getElementById('otherIncomeFrequencySelect').value;
var totalMonthlyIncome = 0;
// Calculate monthly income from annual salary
totalMonthlyIncome += annualSalary / 12;
// Calculate monthly income from hourly wage
// Assuming 52 weeks in a year
totalMonthlyIncome += (hourlyWage * hoursPerWeek * 52) / 12;
// Helper function to convert various frequencies to monthly
function getMonthlyEquivalent(amount, frequency) {
if (isNaN(amount) || amount === 0) {
return 0;
}
switch (frequency) {
case 'monthly':
return amount;
case 'quarterly':
return amount / 3; // 4 quarters per year, so amount / 3 months
case 'annually':
return amount / 12;
case 'biweekly':
return (amount * 26) / 12; // 26 bi-weekly periods per year
case 'semimonthly':
return (amount * 24) / 12; // 24 semi-monthly periods per year
case 'weekly':
return (amount * 52) / 12; // 52 weeks per year
default:
return 0;
}
}
// Add commission income
totalMonthlyIncome += getMonthlyEquivalent(commissionAmount, commissionFrequency);
// Add bonus income
totalMonthlyIncome += getMonthlyEquivalent(bonusAmount, bonusFrequency);
// Add other regular income
totalMonthlyIncome += getMonthlyEquivalent(otherIncomeAmount, otherIncomeFrequency);
document.getElementById('grossMonthlyIncomeResult').innerText = '$' + totalMonthlyIncome.toFixed(2).replace(/\B(?=(\d{3})+(?!\d))/g, ",");
}
.calculator-container {
font-family: 'Arial', sans-serif;
background-color: #f9f9f9;
border: 1px solid #ddd;
border-radius: 8px;
padding: 20px;
max-width: 600px;
margin: 20px auto;
box-shadow: 0 2px 5px rgba(0,0,0,0.1);
}
.calculator-container h2 {
text-align: center;
color: #333;
margin-bottom: 20px;
}
.calculator-content .input-group {
display: flex;
flex-wrap: wrap;
align-items: center;
margin-bottom: 15px;
gap: 10px;
}
.calculator-content .input-group label {
flex: 1 1 180px; /* Adjust label width */
color: #555;
font-weight: bold;
}
.calculator-content .input-group input[type="number"],
.calculator-content .input-group select {
flex: 2 1 120px; /* Adjust input/select width */
padding: 10px;
border: 1px solid #ccc;
border-radius: 4px;
font-size: 16px;
box-sizing: border-box; /* Include padding and border in the element's total width and height */
}
.calculator-content .input-group .input-unit {
padding: 10px;
border: 1px solid #ccc;
border-left: none;
border-radius: 0 4px 4px 0;
background-color: #e9e9e9;
color: #555;
font-size: 16px;
height: 40px; /* Match input height */
display: flex;
align-items: center;
box-sizing: border-box;
}
/* Adjust input styling when unit is present */
.calculator-content .input-group input[type="number"] + .input-unit {
border-radius: 4px 0 0 4px; /* Input gets left radius */
border-right: none;
}
.calculator-content .input-group input[type="number"] + .input-unit + select,
.calculator-content .input-group input[type="number"] + .input-unit {
flex: none; /* Prevent unit from taking too much space */
}
.calculator-content .input-group input[type="number"] + .input-unit + select {
flex: 1 1 100px; /* Give select some flexibility */
}
.calculator-content .input-group input[type="number"] {
flex: 2 1 120px;
border-right: none;
border-radius: 4px 0 0 4px;
}
.calculator-content .input-group input[type="number"] + .input-unit {
border-radius: 0 4px 4px 0;
border-left: none;
}
/* Specific styling for inputs without a unit */
.calculator-content .input-group input[type="number"]:not([id$="Input"]) { /* Target inputs that are not the last in their group */
border-radius: 4px;
}
.calculator-content .input-group input[type="number"]:not([id$="Input"]) + .input-unit {
border-radius: 0 4px 4px 0;
}
.calculator-content .input-group input[type="number"]:not([id$="Input"]) + .input-unit + select {
border-radius: 4px;
}
/* Reset for inputs that are not followed by a unit */
.calculator-content .input-group input[type="number"]:not(.input-unit + input) {
border-radius: 4px;
border-right: 1px solid #ccc;
}
.calculator-content .input-group select {
cursor: pointer;
}
.calculator-content .calculate-button {
display: block;
width: 100%;
padding: 12px 20px;
background-color: #007bff;
color: white;
border: none;
border-radius: 4px;
font-size: 18px;
cursor: pointer;
transition: background-color 0.3s ease;
margin-top: 20px;
}
.calculator-content .calculate-button:hover {
background-color: #0056b3;
}
.calculator-content .result-output {
margin-top: 25px;
padding: 15px;
background-color: #e2f0ff;
border: 1px solid #b3d7ff;
border-radius: 8px;
text-align: center;
}
.calculator-content .result-output h3 {
color: #0056b3;
margin-top: 0;
margin-bottom: 10px;
}
.calculator-content .result-output p {
font-size: 24px;
font-weight: bold;
color: #007bff;
margin: 0;
}
@media (max-width: 480px) {
.calculator-content .input-group {
flex-direction: column;
align-items: stretch;
}
.calculator-content .input-group label {
flex: none;
width: 100%;
margin-bottom: 5px;
}
.calculator-content .input-group input[type="number"],
.calculator-content .input-group select {
flex: none;
width: 100%;
}
.calculator-content .input-group .input-unit {
width: 100%;
border-radius: 4px;
margin-top: 5px;
border: 1px solid #ccc;
}
.calculator-content .input-group input[type="number"] {
border-radius: 4px;
border-right: 1px solid #ccc;
}
}
Understanding Your Gross Monthly Income
What is Gross Monthly Income?
Gross monthly income refers to the total amount of money you earn in a month before any deductions are taken out. This includes your salary, wages, commissions, bonuses, tips, and any other regular income sources. It's the raw, untaxed, and un-deducted amount you receive from all your income streams.
Why is Gross Monthly Income Important?
Your gross monthly income is a crucial figure for several reasons:
Loan Applications: Lenders (for mortgages, car loans, personal loans, etc.) primarily use your gross monthly income to assess your ability to repay debt. They often calculate a debt-to-income (DTI) ratio based on this figure.
Budgeting: While net income (after deductions) is what you actually have to spend, understanding your gross income helps you see the full scope of your earnings and how much is being deducted for taxes, benefits, and other contributions.
Rental Applications: Landlords frequently require applicants to have a gross monthly income that is a certain multiple (e.g., 3x) of the monthly rent.
Financial Planning: It's a foundational number for overall financial planning, helping you set realistic savings goals, investment strategies, and understand your earning potential.
How to Calculate Gross Monthly Income
Calculating your gross monthly income involves summing up all your income sources and converting them to a monthly equivalent. Here's a breakdown of common income types:
Annual Salary: If you have a fixed annual salary, simply divide it by 12 to get your monthly gross income from this source.
Hourly Wages: For hourly employees, multiply your hourly wage by the number of hours you work per week, then multiply that by 52 (weeks in a year), and finally divide by 12 to get your monthly equivalent.
Commissions: If you receive commissions, determine your average commission amount and its frequency (e.g., monthly, quarterly, annually). Convert this to a monthly figure. For example, a quarterly commission would be divided by 3 to get the monthly average.
Bonuses: Similar to commissions, average out your bonuses over a year and divide by 12, or if they are regular (e.g., monthly performance bonuses), use the direct monthly amount.
Other Regular Income: This can include rental income, freelance earnings, alimony, child support, or any other consistent income. Convert these to a monthly figure based on their payment frequency.
Example Calculation:
Let's consider an individual with multiple income streams:
Annual Salary: $60,000
Hourly Wage: $25/hour, working 20 hours/week (part-time)
Average Quarterly Commission: $1,500
Annual Bonus: $3,000
Monthly Rental Income: $500
Here's how their Gross Monthly Income would be calculated: