Sunday, May 4, 2014

VIRGINIA Part 86

Income

Income is more than what a parent may earn from a paycheck. It includes salaries, wages, and commissions, but also bonuses, dividends, severance pay, and pensions. It's likely that even an unemployed parent has some income. For child support purposes, income also includes benefits for veterans or payments that come from social security, workers’ compensation, disability, and unemployment insurance. Additionally, income is what a parent receives for spousal support and rental income, among other things. Even prizes like lottery winnings or awards count toward what a parent could use to provide child support.

Although it might look like income includes every penny a parent might get, there are some exceptions. Public assistance and federal supplemental security income do not count for child support. Also, you can exclude any child support already received or earmarked to support another child. For example, if you have a child with a different parent, then that money – whether you receive it or pay it – is excluded. If you pay spousal support, then you can deduct that money as well. If you remarry, then you can leave out your new spouse’s income too.

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