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How can I calculate my monthly income?

For the income calculation for RWR+ Card, subtract housing costs above €376.27 from monthly net income, with different thresholds based on family size.

Basic Calculation Formula

Your available income = Monthly net income – (housing costs – €376.27)

Only housing costs exceeding €376.27 are subtracted from your income. If your housing costs are below this amount, you don’t have to subtract anything from your monthly net income. 

  • If you have other legally mandated monthly payments (e.g. loan or mortgage payments, alimony), you need to subtract those two. 

Example 1: Single Person

  • Net salary (14x): €1,290
    • €1,290 x 14 ÷ 12 = €1,505 
  • Monthly net salary (12x): €1,505
  • Monthly rent: €600
    • €600 – €376.27 = €223.73 to subtract
  • Finaly Calculation:
    1. €1,290 (net salary) x 14 ÷ 12 = €1,505 
    2. €600 (rent) – €376.27 (allowance) = €223.73 to subtract
    3. €1,505 (monthly income) - €223.73 = €1,281.27 available income
    4. Required minimum: €1,273.99
    5. Result: ✅ Requirement met

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Example 2: Couple with One Child

  • Combined net salary (14x): €1.972
    • €1.972 x 14 ÷ 12 = €2,300
  • Monthly net salary (12x): €2,300
    • Family benefit (12x): €148 
    • €2,300 + €148 = €2,448
  • Monthly net income: €2,448
  • Monthly rent: €850
    • €850 – €376.27 = €473.73
  • Calculation:
    1. €850 (rent) – €376.27 (allowance) = €473.73 to subtract
    2. €2,448 (monthly net income) – €473.73 = €1,826.27 available income
    3. Required minimum: €2,009.85 (couple) + €196.57 (child) = €2,206.42
    4. Result: ✅ Requirement met

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Example 3: Self-Employment & Low Housing Costs

  • Annual income based on self-employment, after tax and insurance: €16,800
    • €16,800 / 12 = €1,400
  • Monthly net income (12x): €1,400
  • Monthly rent: €350
  • Calculation:
    1. €350 (rent) is less than €376.27, so nothing is subtracted
    2. Available income remains €1,400
    3. Required minimum: €1,273.99
    4. Result: ✅ Requirement met

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Example 4: Part-Time Employment & High Savings

  • Annual income based on self-employment, after tax and insurance: €7,008
    • €7,008 ÷ 12 = €584
  • Savings & Bank Account: €12,000
    • €12,000 ÷ 12 = €1,000
  • Monthly net income (12x): €584 + €1,000 = €1,584
  • Monthly rent: €0
    • “Accommodation Agreement” for 12 months
  • Calculation:
    1. Savings plus self-employment income equal €1,584 monthly net income
    2. €350 (rent) is less than €376.27, so nothing is subtracted
    3. Available income remains €1,584
    4. Required minimum: €1,273.99
    5. Result: ✅ Requirement met

How mypaperwork.ai can help

mypaperwork.ai can perform these calculations for your specific situation and help you determine if your income meets the requirements for the RWR+ Card application.