This article will focus on the legal definitions of income and expenses. The various states have included in their definition of income the following: These items are discussed in detail in section II of this article.
If the question is not whether a particular benefit constitutes income on the law, but rather whether a particular benefit was actually earned or should have been earned on the facts, the issue is one of imputed income. INTRODUCTION: STATUTORY DEFINITIONS OF "INCOME" Items Included in Gross Income Each state's child support guidelines generally contain a definition of "gross income." "Gross income" is usually defined to include money received from any source. Most states have also adopted a special definition of income for the parent who has control over his or her income stream.
Computation of child or spousal support generally involves a three-step process.
First, the court must determine the income and expenses of the parties; second, it must determine the needs of the obligee; and finally, based on the ability of the obligor to pay and the needs of the obligee, it must enter an appropriate order for support.
And for all the Beginner Mustachians in attendance today, I would like to share one of these observations: Let’s illustrate what I mean with a few examples: One time, I lent money to a friend so he could pay his university tuition.Exchange of consumption today for consumption in a latter period b. Information acquisition regarding characteristics of loan applicants (the screening problem) d.Measures to ensure that borrowers take those actions that make repayment more likely (the incentives problem) e.On another occasion I was visiting some friends – a married couple.The guy was showing me his new TV and video game system.