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I put less. I usually get a bonus but that's not guaranteed so I don't include it. A portion of my gross income is paid as a contribution to my 401K. I don't include that.
LOL!!!!
@jsucool76 wrote:
@DaveSignal wrote:I make decent money. I don't need to exaggerate anything to get credit.
I usually just add four or five zeroes to my income on applications.
No Big Deal...
Here is a question i just thought about..... What if you’re a waiter or waitress? You work off of tips.. Most major restaurants do pay the waiters and waitresses but literally like 2 dollars an hour since the law says they can.. the rest is in tips... In that case, how could you prove what you really make? Some waiters and waitresses make pretty good money!
@Tommy5746 wrote:Here is a question i just thought about..... What if you’re a waiter or waitress? You work off of tips.. Most major restaurants do pay the waiters and waitresses but literally like 2 dollars an hour since the law says they can.. the rest is in tips... In that case, how could you prove what you really make? Some waiters and waitresses make pretty good money!
At most major restaurants the servers declare their cash tips daily on the point of sale system, which it adds to the credit card tips and reports on your paycheck as income. Taxes are then withheld from your paycheck based on your hourly wage and your tips, and then the tips are shown on your W-2 and your tax return.
Many restaurants avoid tip income fraud by taxing on and reporting wages plus "expected" tips based on the amount of the checks closed out.
@Tommy5746 wrote:Here is a question i just thought about..... What if you’re a waiter or waitress? You work off of tips.. Most major restaurants do pay the waiters and waitresses but literally like 2 dollars an hour since the law says they can.. the rest is in tips... In that case, how could you prove what you really make? Some waiters and waitresses make pretty good money!
Tax returns. If you're underreporting, you can't be heard to complain.
I underestimated a bit on my last round of apps. No need to exaggerate and bring the potential FR bogeyman down upon me.
I state what is on my Federal tax returns.
@webhopper wrote:LOL!!!!
@jsucool76 wrote:
@DaveSignal wrote:I make decent money. I don't need to exaggerate anything to get credit.
I usually just add four or five zeroes to my income on applications.
No Big Deal...
I love this one!!! But why stop at 4 or 5? hahaha
As for me, nope, just what I make, actually round it down.
Lie to Capital One, just not everyone else.
I don't think lenders base credit limits off of your income anyway.... at least it is not a primary concern. They just don't want to see something like 10k annually or some number that would make paying your bills and staying alive at the same time impossible.