Parents have an obligation to support their children. Child support is usually paid to the parent who the children reside with the majority of the time. Whether you are paying child support or receiving it, you want to make certain that the amount being paid is consistent with your income and your children’s needs.
How is child support calculated?
The New Jersey Child Support Guidelines are used to determine each parent’s child support obligation when their combined net weekly incomes do not exceed $3,600. Income is not just earnings from employment. For example, bonuses, severance pay, interest, dividends, rental income and pensions are considered income. Alimony is also considered. If you are receiving alimony, it will be added to your income before determining your child support obligation. If you are paying alimony, it will be deducted from your income before determining your child support obligation.
The guidelines take into consideration the number of children, their ages, and the amount of overnights the children spend with each parent.
Child support payments include health insurance premiums, childcare costs and court approved extraordinary expenses such as private school tuition. The guidelines also address how unreimbursed health related expenses are allocated between parents.
In cases where the parents’ combined net incomes exceed $3,600 a week, child support may exceed the maximum amount provided for under the guidelines. Factors such as the children’s actual needs, both parents’ standards of living and the children’s need and capacity for education including higher education are considered by the judge when awarding child support in excess of the guidelines.
If I receive child support, is it subject to income taxes?
Child support is not income. If you are receiving child support, you do not report it as income for tax purposes. If you are paying child support, you cannot deduct it.
Mrs. Agostini will make certain that the child support you pay or receive takes into consideration all relevant factors.
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