As we have discussed in the past, calculating your child support payments is not a simple matter. In fact, it requires a significant amount of information, including your assets and debts, the needs of your children, how many children you have, and your children’s past standard of living. But perhaps the most important factor that decides your child support payments is your current income.
The Following Factors Should Be Added Together to Determine Your Gross Monthly Income:
- Wages and salaries, if you hold a job or jobs.
- Income from working overtime or working a second job.
- Social Security benefits or disability benefits.
- Veterans’ disability benefits.
- Interest and dividend income from investments and savings.
- Business income, if you own and operate a business.
- Workers’ compensation, in most cases.
- Maintenance received, such as alimony.
- Rental income, if you own and lease out a rental property.
- Other income, such as lottery winnings or bonuses from your job.
- Imputed income – When a person avoids paying for services by providing the services themselves.
The Following Factors Should Be Deducted From Your Gross Monthly Income:
- Federal and state income taxes.
- Self-employment taxes, if you are self-employed.
- FICA (Social Security and Medicare).
- State industrial insurance deductions.
- Mandatory union dues and other professional dues.
- Maintenance paid, such as alimony.
- Business expenses.
You should note that while income is generally defined as money you receive during any given month, there are some exceptions, such as accounts receivable, gifts, or the return of principal.
In order to better grasp how much your child support payments may be, you may wish download a Washington State Child Support schedule, available through the Washington State government. If you need legal advice or assistance with filling out the schedule, you may wish to speak with an experienced Seattle family law attorney. Call The Law Offices of Molly B. Kenny today to learn more 425-460-0550.