A parent who is ordered to pay child support will have their income assessed. The parent’s income, as well as their earning potential, will determine their child support arrangements.
What Is Considered Income That Can Be Paid Towards Child Support?
To determine each parent’s income, the court considers a wide variety of income types. Some of these income types are as follows:
- Wages From Employment
- Business Income
- Social Security Benefits
- Pension Payments
- Unemployment Pay
- Tips
- Wages From Overtime
- Commissions From Employment
- Bonuses From Employment
- Alimony From A Previous Marriage
- Royalties
- Rental Property Income
- Interest & Dividends From Investments
- Workers Compensation Benefits
- Workers’ Compensation Settlement
Each one of these income types will be assessed by the court. By assessing these income types, the court can then determine that parent’s total monthly income.
The total monthly income a parent receives is used to assess the amount of child support they will owe. Every child support calculation is dependent on an accurate assessment of that parent’s total monthly income and, as such, what they can reasonably pay.
How Does A Parent’s Earning Potential Affect Their Child Support Payments?
To go along with the total monthly income assessment, the court will also consider that parent’s earning potential.
Some parents choose to affect their child support calculations by working, and earning, less than they can, or not working at all. A parent who is found to be underemployed or unemployed, for the purposes of affecting their child support calculation, will have their income imputed.
When a parent’s income is imputed, they are considered to be earning the amount of money they can, and normally would be, earning, even though they are not. The court will then order that parent to pay the monthly child support sum that this income requires.
A parent who is not intentionally underemployed or unemployed will not have their income imputed. For this reason, that parent will be able to reduce their monthly child support payments, if they are unable to pay them on a consistent basis.
What Deductions Are Available?
Every parent will have their total income calculated. But, when that parent’s total income is calculated, the court will include several deductions. Some of these deductions are as follows:
- Federal Income Tax
- State Income Tax
- Local Income Tax
- Federal Insurance Contributions
- Self-Employment Tax
- Mandatory Union Dues
- Mandatory Retirement Payments
- Child Support For Other Children
- Spousal Support
- Health Insurance Payments
Regarding the latter deduction, health insurance payments made for the coverage of the child cannot be deducted. But, health insurance payments made for the coverage of the parent can, and will, be deducted from the total monthly income calculation.
Speak With A Tampa Child Support Lawyer Today
Right before a monthly child support sum is determined, the court will assess your total monthly income and use this information to determine your child support agreement.
Speak with a Tampa child support lawyer today. We will assist you in reaching a child support agreement that is beneficial to both you and your children.
Sources:
flsenate.gov/laws/statutes/2020/61.30
law.cornell.edu/wex/impute
codes.findlaw.com/fl/title-vi-civil-practice-and-procedure/fl-st-sect-61-30.html