A Realistic Budget? Session 6 Created by T Stivers Schindewolf Intermediate School Session 6

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Whose Job Is It? Work in boy-girl pairs When finished: Each pair draws a “child description” card from the bag. Divide up the chores for your child. (use correct age) Each person should write “your” chores in your spiral. Negotiate and compromise when necessary. When finished: Each person now records any of the chores on the entire lists that you would have a hard time with or would not enjoy doing.

Child support and visitation are two separate issues! Finances: Child support and visitation are two separate issues! Scenario: Say the mother has custody and the father must pay child support. If he fails to make a payment, that does not allow her to deny visitation. Or, if she denies visitation, that does not mean he can refuse to pay. If either parent violates the order, the court may decide what action is appropriate.

one gets custody and the other makes child support payments If a child’s parents separate – one gets custody and the other makes child support payments State formula is used to determine child support payments

Step 1: Hourly wage × 40 hours = Gross Weekly Income $7.25 Minimum wage as of 10.09 $ 7.25 × 40 000 +29000 $290.00

Find Gross Yearly Income Step 2: Find Gross Yearly Income $ 290.00 × 52 weeks = Gross Yearly Income $ 290.00 × 52 $ 15,080 yearly

Step 3: Find Gross Monthly Income Gross Yearly Income ÷ 12 $1256.67 monthly 12 $15,080.00

Step 4: Add up required deductions $ 77.91 Social Security tax (6.2% of gross) 18.22 Medicare Tax (1.45%) 52.75 Federal Income Tax, one dependent + $148.88 Total Monthly Deductions

Step 5: Figure monthly NET income (actual money in your pocket) Subtract total monthly deductions from gross monthly income. $1256.67 - 148.88 $1,107.79

Not really! You have $1,107.79 for the month. of net income Non-custodial parents pay: of net income One child 20% Two Children 25% Three Children 30% Four Children 35% Five+ Children 40% Not really! To find child support amount: Multiply by the % Assign number of kids 1-5

You Owe Child Support: One child $221.58 Two Children $276.95 Three Children $332.34 Four Children $ Five+ Children $ Numbers are higher if non-custodial parent has children with more than one other parent.

How much money is left over? Child support _____ Apartment Rent $500 Utilities $200 Transportation $400 Food $200 Misc + Net income = $1,248.65 Sub old car, insurance, gas $

Is a one-parent family better than having two parents working together? Tough! Single parenting is