What Income Sources can be Used Toward Child Support?
The birth of a child is a joyous occasion and parents will be responsible for the health, education and overall welfare of that child for many years to come. However, a divorce can radically change the fiscal responsibility of both parents in terms of child support.
There are a number of financial sources that can be utilized for the purpose of providing child support. Florida determines child support amounts that reflect the income of both parents, taking into consideration which parent spends most time with the child. The court may also factor in considerations such as medical issues and daycare.
Either parent can be liable for child support. Child support is determined by figuring gross income and deducting any qualifying expenses to arrive at the amount that’s available and eligible for the support of the child. Qualifying expenses are typically the same types that can be deducted on income tax returns and can include:
- Taxable Social Security
- Disability income
- Retirement income
- Rental income
- Income-producing investments
- Regularly occurring payments
The court may also consider if a parent is underemployed and not trying to earn to their highest potential. The base rate for a single child is $74 when the supporting parent earns either minimum wage or a salary of $650. The parent providing child support will be responsible for making those payments until the child is 18 years of age, extenuating circumstances may apply if the child is disabled.
A variety of income calculators are available online, but they can only provide a general idea – an estimate – of the child support amount. It’s always best to consult with an attorney that specializes in family law to ensure all of a client’s available deductions are accounted for and their specific set of circumstances are known.