The Pennsylvania Income and Expense Statement is an accounting document used to track income and expenses for individuals and organizations within the state. This statement is typically used to track and report taxes, determine net income, and analyze the financial health of an individual or business. There are two types of Pennsylvania Income and Expense Statements: personal and business. The personal statement is used to track a person’s income and expenses, including wages, investments, and other sources of income. The business statement is used to track and report the income and expenses of an organization, such as a company or corporation. Both statements can include line items such as salaries, wages, taxes, rental income, interest income, and other income and expense items. The statements are important for tax purposes, to assess financial health, and to monitor the success of a business.
Pennsylvania income and Expense Statement
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FAQ
Pennsylvania courts have not set a formula for how a new spouse's income will impact the amount of child support. The custodial parent has the option to petition the court for modification any time the financial circumstances of either party significantly change.
To find out what the obligor owes the obligee, you multiply that number by the obligor's percentage of the combined monthly net income (58%). So, $1,795 X 58% equals $1,041.10. That is going to be the amount of child support that the obligor owes the obligee per month.
Net income is based on a six month average of a party's income and includes income from any source, including employee wages, businesses owned, pensions and other retirement, estates and trust, social security, tax refunds, awards and verdicts, and alimony that is intended to finance the support-receiving parent (aka ?
The most significant factors are each parent's income, daycare expenses, the cost of medical insurance, any Social Security benefits the child may be receiving and the living arrangements of the children. A judge will automatically review the support amount every four (4) years.
The amount of support will generally be based upon the parents' combined monthly net incomes and the number of children being supported. Pennsylvania has adopted a chart showing the presumed amount of basic child support.