BASIC (11-02)

SI 02009.005 Rounding of Payments

PROCEDURE

Rounding of payments only involves the last step of any SSI payment computation. If the payment amount would include a fraction of a cent, raise the payment amount to the next higher cent (note SI 02001.010A.1.).

Example 1:

Individual

$794.00

Quarterly FBR

$400.00

Countable income

$394.10

Quarterly payment amount

$131.366

Monthly payment amount (rounded to $131.37. the next higher cent).

Example: 2:

Couple

$1191.00

Quarterly FBR

$ 700.00

Countable income

$ 491.00

Quarterly payment amount

  

$163.666

Monthly payment amount to the couple

$ 81.833

Monthly payment amount to each member (rounded to $81.84. the next higher cent.)

Note: Do not “round” income. The determination of countable income is an interim step in the computations of payments to which “rounding” does not apply. Express income within a computation to three digits to the right of the decimal point.

Income can only be transmitted to the Sup­plemental Security Record (SSR) monthly and in dollars and cents. To transmit an income amount that has a fractional cent, drop the fractional cent. Do not 'round" the amount to the next higher cent. For example, an SSI recipient expects to have net earn­ings of $1,000 from self-employment in 1982. This is $250 per quarter and $83.333 per month. Transmit a continu­ing monthly earned income amount of $83.33. The SSI recipient also expects to receive $500 in cash support at the end of each quarter. This is $166.666 per month. Transmit a continuing unearned income amount of $166.66.)


To Link to this section - Use this URL:
http://policy.ssa.gov/poms.nsf/lnx/0502009005
SI 02009.005 - Rounding of Payments - 11/27/2002
Batch run: 01/27/2009
Rev:11/27/2002