Tuesday, May 6, 2014

WYOMING Part 56

Income

You must know the net income of both parents before you can calculate child support. Net income is the amount you take home in your paycheck after taxes and other deductions like social security and health insurance costs have been taken out. If you think you don’t have any income because you don’t earn a paycheck, think again. In Wyoming, income for child support also includes unemployment benefits, most worker’s compensation payments, and retirement benefits, among other things. Also, if you are voluntarily unemployed or underemployed, then a court could derive a potential income based on what you could be making.


Apart from the financial resources above, there are some items that fall outside of the scope of income. Besides personal income taxes, social security, and health insurance premiums, you can also exclude other court-ordered support (like alimony) to arrive at your net income. Also, any means-tested resources, like Pell grants, food stamps, and the POWER program are not included when calculating your net income.

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