Net Income
What is Net Income?
Net Income is defined as the total of all income from
all sources, minus the following deductions:
- Federal income taxes;
- State income taxes;
- Social Security (FICA
payments);
- Mandatory retirement
contributions required by law or as a condition of employment;
- Union dues;
- Dependent and individual
health/hospitalization insurance premiums;
- Prior obligation
of support or maintenance actually paid pursuant to a
court order;
- Expenditures for
repayment of debts that represent reasonable and necessary
expenses for the production of income, medical expenditures
necessary to preserve life or health, reasonable expenditures
for the benefit of the child and the other parent, exclusive
of gifts.
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