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I'm creating a worksheet on excel to keep track of my income so I can understand my finances better. I assumed that Mid Month Pay = 1/2 of total Entitlements, and I ended up with a different number than what's on my LES. Now I'm curious as to how DFAS calculates my Mid Month Pay.
LES
Microsoft
Posted >1 y ago
Responses: 2
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Pull your EOM LES that has all pays, allowances, dedications, taxes etc and it will show what was pulled for mid month pay. You should be able to figure it out
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DFAS adds up all of your entitlements, then subtracts any deductions (e.g. Federal taxes, state taxes, allotments, etc.) to determine your overall net pay for the month. DFAS then divides that amount by 2 to calculate your mid-month pay.
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PVT (Join to see)
Okay I calculated my mid-month pay the way you said they do, and it looks like they overpaid me by 54 cents. I guess that's a good thing but now I'm worried someone doesn't know what they're doing in finance.
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LTC Kevin B.
PVT (Join to see) - I wouldn't worry too much about the $0.54. If they overpaid you, they'll make an adjustment in a subsequent month. Plus, sometimes the MM and the EOM payments will be slightly different. If you don't want to deal with that, you can always request payment only once a month, and then budget out your spending accordingly.
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