Mississippi Child Support Withholding Calculator
Description
How to fill out Mississippi Child Support Withholding Calculator?
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FAQ
The guideline formula for determining the amount of child support is 14% of noncustodial parent's income for one child, 20% for two children, 22% for three children, 24% for four children and 26% for five or more children.
Under IRS guidelines, the recepient of child support does not need to pay federal tax on child support payments, and the payer of child support cannot deduct their child support payments.
Section 43-19-101 of the MS. Ann. Code of 1972 spells out the child support guidelines. Even in joint physical custody situations, someone is ordered to pay child support most of the time.
The formula is keyed to the payor's adjusted gross income, which generally means the same thing as after-tax income. So if the absent parent's monthly after-tax income is $1,000, and there is one child, the child support will be 14 percent of $1,000 $140/month.