What is the name of your state? Florida
Fla. Stat. 61.30 (3) Allowable deductions from gross income shall include:
(a) Federal, state, and local income tax deductions, adjusted for actual filing status and allowable dependents and income tax liabilities.
Scenario: parents have 2 kids, then divorce. Both remarry.
Parent1 has primary custody of both kids - kid1 and kid2.
Parent2 has child from new relationship.
Parent2 is claiming kid2 as dependent for income tax purposes. - gets waiver from parent1for this.
In calculating child support payments, what does the above law section mean pertaining to federal tax deduction?
a) do you take taxes based on the pay stub? (may or may not claim exemptions)
b) do you compute individual taxes for parent1 and kid1, and parent2 and kid2?
c)do you take taxes based on each party's income tax return?
Both parent1 and parent2 file income taxes, married - filing jointly with their new respective spouses.
For Income tax purposes parent2 has 4 exemptions (parent2, new spouse, new child, kid2 ), parent1 has 3 exemptions (parent1, new spouse, kid1).
How can federal taxes be computed for child support payment calculation? Any examples? Any case law?
Would greatly appreciate assistance to this mind boggling question.
Fla. Stat. 61.30 (3) Allowable deductions from gross income shall include:
(a) Federal, state, and local income tax deductions, adjusted for actual filing status and allowable dependents and income tax liabilities.
Scenario: parents have 2 kids, then divorce. Both remarry.
Parent1 has primary custody of both kids - kid1 and kid2.
Parent2 has child from new relationship.
Parent2 is claiming kid2 as dependent for income tax purposes. - gets waiver from parent1for this.
In calculating child support payments, what does the above law section mean pertaining to federal tax deduction?
a) do you take taxes based on the pay stub? (may or may not claim exemptions)
b) do you compute individual taxes for parent1 and kid1, and parent2 and kid2?
c)do you take taxes based on each party's income tax return?
Both parent1 and parent2 file income taxes, married - filing jointly with their new respective spouses.
For Income tax purposes parent2 has 4 exemptions (parent2, new spouse, new child, kid2 ), parent1 has 3 exemptions (parent1, new spouse, kid1).
How can federal taxes be computed for child support payment calculation? Any examples? Any case law?
Would greatly appreciate assistance to this mind boggling question.