Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal...
-
Upload
luke-patterson -
Category
Documents
-
view
219 -
download
4
Transcript of Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal...
![Page 1: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/1.jpg)
Financial Management School
![Page 2: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/2.jpg)
Financial Management School
![Page 3: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/3.jpg)
Financial Management School
![Page 4: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/4.jpg)
• A forfeiture is a loss of entitlement to pay that results from legal action.
• Partial forfeiture is due over an expressed period of time.
• Forfeitures in addition to confinement not suspended are due on and after the date the sentence has been approved.
Financial Management School
![Page 5: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/5.jpg)
1. Basic Pay2. Career Sea Pay3. Hardship Duty Pay
Financial Management School
![Page 6: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/6.jpg)
Financial Management School
CPL ROCK was awarded a forfeiture of $250.00 for 3 months totaling $750.00. Because of the forfeiture, CPL ROCK is now in an over allotted status. Member must terminate or reduce some of the allotments until the forfeiture has been collected.
![Page 7: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/7.jpg)
Financial Management School
Forfeitures, other than total forfeitures, do not apply to special (other than sea or hardship duty pay) or incentive pay.
By law, the maximum amount that can be withheld from a Marine’s pay is an amount equal to 2/3 of the member’s gross pay.
![Page 8: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/8.jpg)
Financial Management School
Forfeiture reduces the amount of pay that is taxed for that month. This applies to Federal, State and FICA.
![Page 9: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/9.jpg)
- when two or more sentences require forfeiture for concurrent periods, the amount stated in each sentence is forfeited only for the specified period.
Financial Management School
![Page 10: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/10.jpg)
Financial Management School
![Page 11: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/11.jpg)
Financial Management School
![Page 12: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/12.jpg)
Article 15, Uniform Code of Military Justice (UCMJ) authorizes commanders to impose non-judicial punishment for minor offenses.
Financial Management School
![Page 13: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/13.jpg)
Non-judicial punishments that affect pay are….
Financial Management School
forfeiture of pay reduction in grade or combinations of these
![Page 14: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/14.jpg)
Maximum forfeiture of pay is based on grade and position of the officer imposing the NJP.
Financial Management School
![Page 15: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/15.jpg)
Effective dates for forfeiture and reduction are effective on the date the commander imposes the punishment.
Financial Management School
![Page 16: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/16.jpg)
Punishments that affect pay are forfeitures of pay, reduction in grade, or combinations of these.
Financial Management School
![Page 17: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/17.jpg)
Financial Management School
![Page 18: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/18.jpg)
Financial Management School
![Page 19: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/19.jpg)
• Forfeitures constitute a loss of pay. Therefore they take precedence over allotments, all other debts are charged against a member’s pay until fully satisfied.
• Forfeitures are prorated for the month that they apply to.
Financial Management School
![Page 20: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/20.jpg)
LCpl Jackson is awarded a forfeiture of $100.00 for 2 months for a total of $200.00
with an effective date of 20**0117.
Step 1: List the given information.
Rate = $100/month
Total Forfeiture = $200
Effective Date = 20**0117Financial Management School
![Page 21: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/21.jpg)
› Jan ?› Feb ?› Mar ?
Step 2: Identify the Unknown
Deduction amount for:
Step 3: Solve for the Unknown
Financial Management School
![Page 22: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/22.jpg)
How many days chargeable?
(1/30 – 1/17) + 1 = 14 days
Find daily rate:
$100 ÷ 30 = $3.33333
Multiple rate by # of days
($100 ÷ 30) X 14 days = $46.67
Financial Management School
![Page 23: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/23.jpg)
Full monthly rate of $100
Financial Management School
![Page 24: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/24.jpg)
Find the amount remaining?
$200.00 (Total forfeiture) $46.67 (Jan)
− $100.00 (Feb) $53.33 (Mar)
Financial Management School
![Page 25: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/25.jpg)
-If member is in a Non-Pay Status pay does not accrue; therefore, forfeitures cannot be applied.
-When restored to duty after a non-pay status, forfeitures may apply.
Restoration to Duty
Financial Management School
![Page 26: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/26.jpg)
Only Court-Martial Forfeitures:
- When two or more court-martial sentences require forfeiture for concurrent periods the amount is computed on a daily basis, not to exceed the two-thirds rule.
Financial Management School
![Page 27: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/27.jpg)
Mixed court martial & NJP forfeitures: - When the non judicial punishmentforfeitures run concurrently with partialcourt martial forfeitures, the maximumamount collectible is 2/3 of pay.
Financial Management School
![Page 28: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/28.jpg)
Only NJP forfeitures:
- For Navy and Marine Corps members non-judicial forfeitures DO NOT run concurrently. If a forfeiture is imposed while anotheris in effect it will commence afterthe prior forfeiture is complete.
Financial Management School
![Page 29: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/29.jpg)
Financial Management School
![Page 30: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/30.jpg)
Financial Management School
![Page 31: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/31.jpg)
- Death or Separation of a memberunder a suspended sentence isa complete remission of the sentence. If the sentence is not suspended, the remaining balance is canceled.
-Vacation of suspension: when thesuspension is vacated the un-collectedamount is revived and collected effective the date of vacation.
Financial Management School
![Page 32: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/32.jpg)
Step 1: List the given information
Rate = $250/month
Effective Date = 200*0103
PFC Cantgetright was awarded a forfeiture of $250.00 a month for 2 months effective
20**0103. On 20**0218 PFC Cantgetright was discharged.
Discharge Date = 200*0218
Financial Management School
![Page 33: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/33.jpg)
› Jan ?› Feb ?
Step 2: Identify the Unknown
Deduction amount for:
Step 3: Solve for the Unknown
Financial Management School
![Page 34: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/34.jpg)
JANUARY
How many days chargeable?
(1/30 – 1/3) + 1 = 28 days
Find daily rate:
$250 ÷ 30 = $8.33333
Multiple rate by # of days
($250 ÷ 30) X 28 days = $233.33
Financial Management School
![Page 35: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/35.jpg)
FEBRUARY
How many days chargeable?
(2/18 – 2/1) + 1 = 18 days
Find daily rate:
$250 ÷ 30 = $8.33333
Multiple rate by # of days
($250 ÷ 30) X 18 days = $150.00
Financial Management School
![Page 36: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/36.jpg)
Financial Management School
![Page 37: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/37.jpg)
Financial Management School
![Page 38: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/38.jpg)
Financial Management School
![Page 39: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/39.jpg)
Financial Management School
![Page 40: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/40.jpg)
Every member is insured automatically for $400,000.00 unless the member elects a lower coverage or no coverage.
Marines may change their coverage at any time. Coverage is effective on the date of entry on active duty.
Financial Management School
![Page 41: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/41.jpg)
Financial Management School
$26.00 = $400,000.00
$22.75 = $350,000.00
$19.50 = $300,000.00
$16.25 = $250,000.00
$13.00 = $200,000.00
$9.75 = $150,000.00
$6.50 = $100,000.00
$3.25 = $ 50,000.00
![Page 42: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/42.jpg)
Monthly deductions are NOT prorated for partial months.
Financial Management School
Deductions start on the first day of the month of active duty. So if the Marine enlists on 18 January, the deduction will be for the entire monthly amount.
![Page 43: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/43.jpg)
•Effective December 1, 2005, ALL members covered by SGLI program will be automatically covered under TSGLI.
•Provides payments to severely injured members, loss of limb or serious trauma
•Members must decline SGLI to cancel TSGLI
Financial Management School
![Page 44: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/44.jpg)
Effective 1 November 2001, spouses and
dependent children are insured
Member must be enrolled in SGLI full-time
Spouse is covered for 100,000
Children are covered for 10,000
Financial Management School
![Page 45: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/45.jpg)
Age GroupOld Rates
(Per $10,000)New Rates
(Per $10,000)
New Rates($100,000 Coverage)
Under 35
$0.55 $0.50 $5.00
35-39 0.70 0.65 6.5040-44 0.90 0.85 8.5045-49 1.40 1.30 13.00
50-54 2.70 2.50 25.00
55-59 4.00 3.70 37.0060 & Up 5.20 5.00 50.00
Financial Management School
![Page 46: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/46.jpg)
Financial Management School
![Page 47: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/47.jpg)
Financial Management School
![Page 48: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/48.jpg)
Financial Management School
……..is a voluntary dental plan available to family members of all Active Duty Uniformed Service personnel and to Selected Reserve and Individual Ready Reserve (IRR)
![Page 49: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/49.jpg)
There are two monthly rates of deduction for this coverage.
Individual (1 depn) Family Coverage
$12.69
Like SGLI, DDP is NOT prorated.
$31.72
Financial Management School
![Page 50: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/50.jpg)
Financial Management School
![Page 51: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/51.jpg)
Financial Management School
![Page 52: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/52.jpg)
An automatic deduction of $0.50 is withheld from all enlisted Marines, warrant officers, and Limited Duty Officers of the regular Marine Corps.
Do not prorate this deduction.
Financial Management School
![Page 53: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/53.jpg)
Financial Management School
![Page 54: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/54.jpg)
Financial Management School
![Page 55: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/55.jpg)
Financial Management School
![Page 56: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/56.jpg)
Financial Management School
![Page 57: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/57.jpg)
Basic Pay
Special Pay
Incentive Pay for Hazardous Duty
Financial Management School
![Page 58: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/58.jpg)
• Lump Sum Leave (LSL)
• Separation, Readjustment or Severance Pay
• Selective Reenlistment BonusFinancial Management School
![Page 59: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/59.jpg)
• Pay forfeited by courts-martial or NJP sentences is not subject to Federal or State income tax.
• The Montgomery G. I. Bill reduces the member’s taxable income for each month in which it is deducted.
Items that reduce taxable wages:
Financial Management School
![Page 60: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/60.jpg)
Financial Management School
![Page 61: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/61.jpg)
Financial Management School
![Page 62: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/62.jpg)
TSP is a Government-sponsored retirement savings and investment plan.
The plan offers tax deferral advantages similar to those offered by private corporations to their employees under 401(k) plans.
Financial Management School
![Page 63: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/63.jpg)
NON TAXABLE: FITW AND SITW ONLY
IS NOT PRORATED: FULL AMOUNT COMES OUT PER MONTH
Financial Management School
![Page 64: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/64.jpg)
Compute TSP for a Sergeant (> 4) with no special or incentive pay who has elected 7% of basic pay for TSP.
Basic Pay: $2,448.30
TSP: 7%
Financial Management School
![Page 65: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/65.jpg)
Step 1 – Determine the elected percentage of TSP.
TSP percentage = 7% of Basic pay
Step 2 – Compute TSP percentage.
$2,448.30 x 7% = $171.38
Financial Management School
![Page 66: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/66.jpg)
Step 3 – Compute taxable income. $2,448.30 - $171.38 = $2,276.92
$2,276.92 is taxable by FITW, SITW, & FICA
$171.38 (Non-taxable by FITW & SITW) is total elected to TSP
Financial Management School
![Page 67: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/67.jpg)
Financial Management School
![Page 68: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/68.jpg)
Financial Management School
![Page 69: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/69.jpg)
Financial Management School
![Page 70: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/70.jpg)
Members located in designated Combat Zone Tax Exclusion areas are exempt from paying federal and state taxes on all income not to exceed $7,714.80 (E9S + IDP)
Financial Management School
![Page 71: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/71.jpg)
Financial Management School
1. Effective January 1, 1996, the maximum number of days that may be earned for any month is 2.5 days.
2. Leave will be charged first to a member’s combat leave balance until it is exhausted.
3. CL balance is maintained separately in MCTFS for a
reduction in monthly taxable income
![Page 72: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/72.jpg)
Financial Management School
![Page 73: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/73.jpg)
Financial Management School
![Page 74: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/74.jpg)
To compute federal income tax withholding (FITW), refer to the APSM Appendix D.
Financial Management School
![Page 75: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/75.jpg)
January 1, 2011
STEP 1 Determine the taxable income.
STEP 2 Subtract the standard deduction.
If the Federal exemption is: then the standard deduction is:
0 0.00
1 3,700.00
2 7,400.00
3 11,100.00
4 14,800.00
5 18,500.00
6 22,200.00
7 25,900.00
8 29,600.00
9 33,300.00
10 37,000.00
11 or more Multiply the amount of one withholding allowance for specific payroll period by the number of allowances claimed.
![Page 76: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/76.jpg)
Step 1Determine Taxable Income
Step 2 Compute the Annualized Income =
monthly taxable income X 12
Step 3 Identify the Federal Tax Exemption
(LES block 34)
Financial Management School
![Page 77: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/77.jpg)
Step 4Find the Standard Deduction
= exemptions X $3700
Step 5Subtract the standard deduction from the
annualized income
Step 6Locate appropriate tax rate from the tax
table (APSM Appendix D)
Financial Management School
![Page 78: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/78.jpg)
Step 7a. Subtract “of excess over” amount from income.
Step 7Compute annual taxes by reading
the chart from right to left
Financial Management School
![Page 79: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/79.jpg)
Step 7c. Add the amount to the left of the percentage to the answer from 7b.
Financial Management School
Step 7b. Multiply resultant from 7a above by percentage on chart.
![Page 80: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/80.jpg)
Step 8
Divide the annual taxes (Step 7) by 12 to arrive at the monthly tax
amount.
Financial Management School
![Page 81: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/81.jpg)
Sergeant (> 6) with no special or incentive pay, claiming M-2 for federal exemptions
Step 1Determine Taxable Income
BP: $2620.20
EXEMPTIONS: M-2 (BLK 34)
Base Pay = $2620.20
Financial Management School
![Page 82: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/82.jpg)
Step 3
Identify the Federal Tax Exemption
Income and taxes section of the LES = M-2
Step 2 Compute the Annualized Income = monthly taxable income X 12
2,620.20 x 12 = $31,442.40
Financial Management School
![Page 83: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/83.jpg)
Step 4Find the Standard Deduction
= exemptions X $3700.00
2 x $3,700.00 = $7,400.00
Step 5Subtract the standard deduction
from the annualized income $31,442.40 - $7,400.00 = $24,042.40
Financial Management School
![Page 84: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/84.jpg)
Step 6Locate appropriate tax rate from
the tax table (APSM Appendix D)
Financial Management School
![Page 85: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/85.jpg)
Step 7a. Subtract “of excess over” amount from income.
Step 7Compute annual taxes by reading
the chart from right to left
$24,042.40 - $7,900.00 = $16142,40
Financial Management School
![Page 86: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/86.jpg)
Step 7b. Multiply resultant from 7a above by percentage on chart.
X 10% (10% = .1)16142.40
$1,614.24
Financial Management School
![Page 87: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/87.jpg)
Step 7c. Add the amount to the left of the percentage to the answer from 7b.
1,614.24
+ $0.00
1614.24
Financial Management School
![Page 88: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/88.jpg)
Step 8Divide the annual taxes (Step 7) by 12 to arrive at the monthly tax
amount.
$1614.24 ÷ 12 =
$134.52
Financial Management School
![Page 89: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/89.jpg)
Financial Management School
![Page 90: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/90.jpg)
TXBL INC THIS PERIOD - any taxable entitlements earned in the month
TAXABLE INC YTD - equals any taxable entitlement added to previous month
FEDERAL TAX YTD - equals taxes from current month plus prior month
Financial Management School
![Page 91: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/91.jpg)
Financial Management School
![Page 92: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/92.jpg)
Financial Management School
![Page 93: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/93.jpg)
Financial Management School
![Page 94: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/94.jpg)
Financial Management School
![Page 95: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/95.jpg)
State of legal residence is the state for tax purpose, regardless where the Marine is stationed.
Legal residence is designated at the time a member enters into the service. This may be changed by the member completing a DD Form 2058.
Financial Management School
![Page 96: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/96.jpg)
STATE WAGES YTD - equals any taxable entitlement added to previous month
STATE TAX YTD - equals taxes from current month plus prior monthState code changed:
State wages YTD and state tax YTD will restart as if it was January due to the new state code.
Financial Management School
![Page 97: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/97.jpg)
Financial Management School
![Page 98: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/98.jpg)
Financial Management School
![Page 99: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/99.jpg)
Financial Management School
![Page 100: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/100.jpg)
Financial Management School
![Page 101: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/101.jpg)
•All armed forces members are subject to FICA tax, to include those in a Combat Zone Tax Exclusion Area.
•FICA is composed of Social Security and Medicare.
Financial Management School
![Page 102: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/102.jpg)
Basic Pay only!
The Montgomery G.I. Bill and any forfeitures will reduce the member’s taxable income for that specific month.
Financial Management School
![Page 103: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/103.jpg)
FICA is deducted on a year to date basis at the rate of 5.65%.
Of the 5.65%, 4.2% is for Social Security and 1.45% is for Medicare.
As of January 1, 2011, the maximum taxable wages for Social Security is $106,800.00 and maximum tax is $4,485.60.
Financial Management School
![Page 104: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/104.jpg)
Financial Management School
![Page 105: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/105.jpg)
Financial Management School
![Page 106: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/106.jpg)
SocSec Wgs YTD (prev LES) $0.00Wgs this Prd + $1838.70SocSec Wgs YTD $ $1838.70Multiply by 4.2% x 4.2%SocSec Tax YTD $ 77.23SocSec Tax YTD (prev LES) - $ 0.00Social Security Tax withheld $ 77.23 in the deduction section of current LES.
Financial Management School
![Page 107: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/107.jpg)
Medicare Wgs YTD (prev LES) $0.00Wgs this Prd + $1838.70Medicare Wgs YTD $1838.70Multiply by 4.2% x 1.45%SocSec Tax YTD $ 26.70SocSec Tax YTD (prev LES) - $ 0.00Social Security Tax withheld $ 26.70 in the deduction section of current LES.
Financial Management School
![Page 108: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/108.jpg)
Financial Management School
![Page 109: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/109.jpg)
Financial Management School
![Page 110: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/110.jpg)
Financial Management School
![Page 111: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/111.jpg)
Financial Management School
![Page 112: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/112.jpg)
Liquidation allows a Marine to repay a debt over a period of time instead of all at once.
Substantiation documentation is a NAVMC 11116.
Financial Management School
![Page 113: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/113.jpg)
Financial Management School
Disposable pay is used to calculate maximum allowable deductions. It is computed by deducting the following from “basic pay”: FICA, FITW, SITW, DDP, SGLI, and TSP.
![Page 114: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/114.jpg)
Financial Management School
BASIC PAY 1427.40FITW - 150.36SITW - 0.00 (FL)FICA - 109.20DDP - 11.05SGLI - 28.00Ret. Home - .50
DISPOSABLE PAY$1128.29
![Page 115: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/115.jpg)
Financial Management School
![Page 116: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/116.jpg)
Financial Management School
![Page 117: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/117.jpg)
This provides a means for notifying Marines of an impending one-time checkage before anything is withheld from their pay.
This informs the Marine when the deduction will commence.
Financial Management School
![Page 118: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/118.jpg)
Automatically establishes a liquidation schedule if the checkage amount is greater than one-third of the Marine’s disposable pay.
Deducts the amount due following the delay period when the debt is greater than $50.00 but less than one-third of the Marine’s disposable pay.
Financial Management School
![Page 119: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/119.jpg)
Collects the amount due by monthly installments following the delay period when the debt is greater than one-third of the Marine’s disposable pay.
Financial Management School
![Page 120: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/120.jpg)
All suspended checkages will be collected on the mid-month payday following the delay period with the following conditions.....
Financial Management School
4) Multiple delayed checkages will be processed consecutively, first-in, first-out.
1) Debts must be greater than $50.00.
2) For automatic liquidation schedules, the member must pay the debt prior to discharge. 3) Installment amounts will not be less than $100.00.
![Page 121: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/121.jpg)
Financial Management School
TTC/SEQ 532/000
STOP/ DEL CKG LIQ-$ (1) . / (2) \ (3)
TTC/SEQ 559/000
CHEK/ LIQ OF INDEBT –
$ (1) . ($ (2) . ) / (3) / (4) .
![Page 122: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/122.jpg)
“A $ . Checkage ed yyyymmdd for has been suspended. It will be deducted from your yyyymmdd payday. Liquidation schedules are not automatically established.”
Financial Management School
![Page 123: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/123.jpg)
“A liq of indebt has been generated for the $ . Suspended checkage ed yyyymmdd. The 1st monthly deduction of $ . Will begin on your 15 payday unless an alternate liquidation schedule is established by yyyymmdd.”
Financial Management School
![Page 124: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/124.jpg)
Checkage must exceed one-third of the net disposable pay.
The installment amount is established at one-sixth of the net disposable pay, but no less than $100.00 minimum deduction.
Financial Management School
![Page 125: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/125.jpg)
Substantiation is a NAVMC 11116 from the Marine’s Commanding Officer containing the amount of indebtedness and the requested number of months to be paid back in.
The monthly payback will be the greater of: Suggested monthly payback, 1/10 Net Disposable Pay, or $100
Financial Management School
![Page 126: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/126.jpg)
MBR’S REQUESTED PAYBACK
$600.00/8=$75.00
BASIC PAYFITWSITWFICADDPSGLI
1644.90150.36
0.00109.20
12.6926.00
Financial Management School
DISPOSIBLE PAY 1346.65
1346.65 / 10 = 134.66
![Page 127: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/127.jpg)
Utilizing the TTC codes 532 and 559, stop the automatic liquidation schedule and start the new liquidation schedule.
Financial Management School
![Page 128: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/128.jpg)
Financial Management School
![Page 129: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/129.jpg)
Financial Management School
![Page 130: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/130.jpg)
Financial Management School
![Page 131: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/131.jpg)
What have we covered ?1. Basic Pay
2. BAS
3. BAH
4. Creditable Service
5. Deductions
6. Leave
7. Special Pay
8. Elapse Time
9. FSA Financial Management School
![Page 132: Financial Management School. A forfeiture is a loss of entitlement to pay that results from legal action. Partial forfeiture is due over an expressed.](https://reader036.fdocuments.net/reader036/viewer/2022070417/56649de95503460f94ae3634/html5/thumbnails/132.jpg)
What have we covered ?10. CRA
11. Forfeitures
12. Taxes
13. SGLI
14. DDP
15. TSP
16. CZTE
17. FICA
18. Liquidation of Indebtedness Financial Management School