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

2. View Session 6 Video

3. 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.

4. 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.

5. 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

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

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

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

9. Step 4: Add up required deductions
$ 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

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

11. 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

12. 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.

13. 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 $

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