sflores_ChildsupportCalc_11182023

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School

Rasmussen College, Minneapolis *

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Course

PLA2800

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Finance

Date

Jan 9, 2024

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docx

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Uploaded by MinisterTapir3422

A. Fathe r B. Mother Total 1. Present Net Monthly Income (calculate by deducting from each party’s gross income the following: taxes, health care for a party (not the child), mandatory retirement payments, and child support paid from another relationship) $ 2,740 $ 2,735 $ 5,475 2. Basic Monthly Obligation $1,721 3. Divide 1A by the total on line 1 for the Father’s percentage of financial responsibility. Enter the answer on 3A. Do the same for the Mother. 50.04 % 49.95 % 4. Multiply the number on 2 by the percentage on line 3A to get the Father’s share. Enter the answer on line 4A. Do the same for the Mother. $ 861.18 $ 859.63 5. a. Enter 100% of the monthly child care costs paid by one or both parents. $ 400 b. Enter the total monthly health/dental/vision insurance paid for the children. $ 212 c. Enter the total monthly uncovered health expenses for the children. $ 41.66 d. Total of lines 5a, 5b, and 5c. $653.66 6. Multiply the number on 5d by the percentage on line 3A to determine the Father’s share. Enter answer on 6A. Multiply the number on 5d by the percentage on line 3B to determine the Mother’s share. Enter answer on 6B. $ 326.76 $326.17 7. a. Enter the total monthly child care payments paid for the children by each parent. Enter he Father’s amount in column A, and the Mother’s amount in column B. $400 $0 b. Enter the total monthly health/dental/vision paid for the children by each parent. Enter the Father’s amount in column A, and the Mother’s amount in column B. $212 $0 c. Enter the total monthly uncovered health expense for the children paid by each parent. Enter the Father’s amount in column A, and the Mother’s amount $20.50 $20.50

in column B. 8. Add 7a through 7c. Enter the Father’s amount in column A, and the Mother’s amount in column B. $632.50 $20.50 9. Add line 4 plus line 6; minus line 8. Enter the Father’s amount in column A, and the Mother’s amount in column B. $555.44 $1,165 10. Multiply line 2 by 1.5 $2,581 11. Multiply the number on line 10 by the percentage on line 3A for the Father’s share. Enter answer on line 11A. Multiply the number on line 10 by the percentage on line 3B for the Mother’s share. Enter answer on line 11B. $1,291 $1,289 12. The children spend 170 overnights with the Father each year. Using the number on the above line, multiply it by 100 and divide by 365. Enter this number (rounded) on line 12A. The children spend 195 overnights with the Mother each year. Using the number on the above line, multiply it by 100 and divide by 365. Enter this number (rounded) on line 12B. Both #’s added together should total 100%. 47% 53% 13. Multiply line 11A by line 12B. Enter this number in 13A. Multiply line 11B by line 12A. Enter this number in 13B. $684.23 $605.83 14. a. Enter total amount from line 5a. $400 b. Enter total amount from line 5b. $212 c. Enter total amount from line 5c. $41.66 d. Add lines 14a, 14b, and 14c. $653.66 15. Multiply the number on line 14d by the percentage on line 3A to determine the Father’s share. Enter answer on line 15A. Multiply the number on line 14d by the percentage on line 3B to determine the Mother’s share. Enter answer on line 15B. $327.09 $326.50 16. a. Enter total amounts from line 7a. Enter the Father’s amount in column A, and the Mother’s amount in column B. $400 $0 b. Enter the total amounts from line 7b. Enter the Father’s amount in column A, and the Mother’s amount in column B. $212 $0 c. Enter the total amounts from line 7c.

Enter the Father’s amount in column A, and the Mother’s amount in column B. $20.50 $20.50 17. Add 16a through 16c. Enter the Father’s amount in column A, and the Mother’s amount in column B. $632.50 $20.50 18. Enter the total from line 15, minus line 17; enter any negative number as zero. Enter the Father’s amount in column A, and the Mother’s amount in column B. $0 $306 19. Add line 13A plus line 18A. Enter the number under Father’s column. $684.23 20. Add line 13B plus line 18B. Enter the number under Mother’s column. $911.83 21. Comparing lines 19 and 20, subtract the smaller amount owed from the larger amount owed and enter the result in the column for the parent that owes the larger amount of support. This is the actual child support to be paid to the other parent. $ $227.60

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