Include benefits in income?

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eiknarf
 
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Include benefits in income?

Postby eiknarf » Thu Sep 18, 2014 10:31 am

I'm sorry if this has been asked before, but I did some digging (both on google and here) and have not been able to find a discussion about it.

I have a new job that pays a lesser base salary than my previous job, but offers a ton more in benefits (employer paid health insurance, automatic retirement contributions without any contribution from myself, commuting benefits, paid personal leave), which amounts to more than 15k/year. I have been asked by Discover to update my income information, and am also looking into applying for a new card for a balance transfer. My question is, for the update and/or for a new application, can I include the amount that the benefits add up to, or just base salary (i.e., as reported to the IRS).

Thanks so much for any help you can provide, and again, my apologies if this has already been answered elsewhere and I missed it.


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djrez4
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Postby djrez4 » Thu Sep 18, 2014 2:24 pm

Salary only, mate. Sorry.
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Postby MemberSince99 » Thu Sep 18, 2014 4:18 pm

Yeah if you can include those things why could you not also include the 7.5% SS amount your employer contributes on your behalf as well, as that saves you money and hence could be considered "income" too.


Salary only. If you find a quarter in the street that's "income" but I wouldn't bother including it either.

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Postby takeshi » Fri Sep 19, 2014 8:40 am

eiknarf wrote:I have been asked by Discover to update my income information, and am also looking into applying for a new card for a balance transfer. My question is, for the update and/or for a new application, can I include the amount that the benefits add up to, or just base salary (i.e., as reported to the IRS).

Hit the ? on their site next to Total Annual Gross Income for details:
About Total Annual Gross Income
Examples include current or reasonably expected salary,wages,bonus pay,tips,commissions and income from interest,dividends,retirement benefits and rental property.
If you are 21 or over,you may include another person's income that is available to you.A spouse/domestic partner is one example.
Alimony,child support or separate maintenance income need not be revealed if you do not wish to have it considered as a basis for repaying this obligation.


While benefits are part of your total compensation I'm not aware of any creditor that considers benefits as part of annual gross income.

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CarefulBuilder14
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Postby CarefulBuilder14 » Fri Sep 19, 2014 10:15 am

I agree with the others, and the practice makes sense. You can't pay a credit card bill with a mass transit pass or vacation days.
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sicasun
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Postby sicasun » Fri Sep 19, 2014 2:59 pm

I think personally, I might include the total amount of health insurance you would otherwise had to have paid for in a year. Other than that, it's just your annual income.

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