In Massachusetts, any source of financial gain is considered. In other states, this would need to be addressed as a rebuttable presumption.
if you are paying child support and have a new spouse, their income will not count toward child support unless the two of you have your own children together.
No. The child support will be based on the father's income and his ability to pay.No. The child support will be based on the father's income and his ability to pay.No. The child support will be based on the father's income and his ability to pay.No. The child support will be based on the father's income and his ability to pay.
You make extra payments toward the principal.You make extra payments toward the principal.You make extra payments toward the principal.You make extra payments toward the principal.
No, but the child is potentially eligible for RSDI payments based on his disabled father's eligibility, and these payments would count toward the father's child support obligation.
A debt-to-income ratio (often abbreviated DTI) is the percentage of a consumer's monthly gross income that goes toward paying debts. (Speaking precisely, DTIs often cover more than just debts; they can include certain taxes, fees, and insurance premiums as well. Nevertheless, the term is a set phrase that serves as a convenient, well-understood shorthand.)There are two main kinds of DTI:1. The first DTI, known as the front-end ratio, indicates the percentage of income that goes toward housing costs, which for renters is the rent amount and for homeowners is PITI mortgage principal and interest, mortgage insurance premium [when applicable], hazard insurance premium, property taxes, and homeowners' association dues [when applicable]).2. The second DTI, known as the back-end ratio, indicates the percentage of income that goes toward paying all recurring debt payments, including those covered by the first DTI, and other debts such as credit card payments, car loan payments, student loan payments, child support payments, alimony payments, and legal judgments.
No. Only INCOME Tax estimated or wittholding...payments made toward INCOME tax that you are calculating. By the way, Medicare/SS are considered insurance payments.
A debt-to-income ratio is the percentage of a consumer's monthly gross income that goes toward paying debts. There are two main kinds of DTI, as discussed below.Two main kinds of DTIThe two main kinds of DTI are expressed as a pair using the notation x/y (for example, 28/36). The first DTI, known as the front-end ratio, indicates the percentage of income that goes toward housing costs, which for renters is the rent amount and for homeowners is PITI (mortgage principal and interest, mortgage insurance premium [when applicable], hazard insurance premium, property taxes, and homeowners' association dues [when applicable]).The second DTI, known as the back-end ratio, indicates the percentage of income that goes toward paying all recurring debt payments, including those covered by the first DTI, and other debts such as credit card payments, car loan payments, student loan payments, child support payments, alimony payments, and legal judgments.[1]ExampleIn order to qualify for a mortgage for which the lender requires a debt-to-income ratio of 28/36: Yearly Gross Income = $45,000 / Divided by 12 = $3,750 per month income. $3,750 Monthly Income x .28 = $1,050 allowed for housing expense.$3,750 Monthly Income x .36 = $1,350 allowed for housing expense plus recurring debt.
Probably because the rules for the section 8 housing program requires you to report the child support payment as a part of your income when it is received. For income tax purposes on your federal income tax return child support is NOT TAXABLE income that you would report on your 1040 tax form.
Yes. If you owe tax on a state income tax return and you're unable to pay the full amount, contact the state department where you file your return. State income tax departments will work out a payment plan with you.
If you are living with someone who is not the childâ??s parent, they have no obligation to pay toward support of your child. If your live-in boyfriend pays toward shelter, clothing, food, or other items, the non-custodial parent paying support can try to petition the court for a decrease in support payments. It would be up to a judge, and it would depend whether or not the non-custodial parent can prove it. Every state has a formula setting a minimum amount of child support based on the financial resources of the parent, and takes into consideration other factors.
Yes, social security benefits are counted as income when determining eligibility for subsidies under the Affordable Care Act (ObamaCare). Other forms of income, such as wages and dividends, are also considered in this calculation.
If the child's RSDI benefit is based on the obligor's SSA account, it is considered child support. If that benefit exceeds the amount ordered for child support, the obligor does not owe any additional payment.