Fees associated with sports or other extracurricular activities; Private schools, or other specialized schools; Unexpected medical expenses; Other expenses that were unforeseen at the time the initial support obligation was determined.
Secondly, What are extraordinary expenses in NC? Any work-related daycare or childcare expenses paid by the parents. Health insurance premiums paid by either parent for the child. “Extraordinary expenses” paid on behalf of a child, which can include things like expenses for visitation-related travel or private school tuition.
What expenses does child support cover in NC?
What is Covered by Child Support?
- Food.
- Clothing.
- Housing.
- Educational expenses, including school supplies, and fees for extracurricular activities.
- Miscellaneous additional expenses.
Similarly, How are extraordinary expenses calculated? Special and Extra expenses are divided proportionally between the parents based on their relative incomes. There is a little math involved. First, add both parent’s income together. Then divide one parent’s income by the total income and multiply by 100.
What are examples of extraordinary items in accounting?
Common extraordinary items include damage from natural disasters, such as earthquakes and hurricanes, damages caused by fires, gains or losses from the early repayment of debt, and write-offs of intangible assets.
Does child maintenance cover extracurricular activities? Unfortunately, the answer is usually “no”. If the non-resident parent is paying child maintenance in accordance with the relevant child maintenance guidelines, there is no obligation on them to provide additional financial support to cover the cost of clubs and other activities.
What is extraordinary income example? Here’s some examples of what typically was considered extraordinary events: Expropriation of property by a foreign government. Condemning property by a domestic government. Prohibition of goods or services by a new law. Losses or gains from an unusual and infrequent act of God or calamity.
What are extraordinary items in P&L? 4.2 Extraordinary items are income or expenses that arise from events or transactions that are clearly distinct from the ordinary activities of the enterprise and, therefore, are not expected to recur frequently or regularly.
How are extraordinary items reported on the income statement?
Extraordinary items are included in the determination of periodic net income, but are disclosed separately (net of their tax effects) in the income statement below “Income from continuing operations”.
Do I have to pay nursery fees on top of child maintenance? Yes, you are not obliged to pay anything more than your child maintenance sum. I would however encourage you to consider any requests on a case by case basis. Ultimately the money is to pay for your child and so you may want to pay a little extra on one-off occasions so that your child doesn’t go without.
What things does child maintenance cover?
Child maintenance covers the cost of the everyday care of the child, such as food, clothes, and housing. Expenses such as school fees do not fall under child maintenance – parents who are getting a divorce can make a “Family Based Arrangement” to deal with costs like this.
Does child maintenance cover swimming lessons? As well as the bare necessities, child maintenance can cover; childcare. activities like swimming lessons.
How do you disclose extraordinary items?
GAAP no longer requires the reporting of extraordinary items separately from irregular items, only as nonrecurring items. Under GAAP, unusual or infrequent transactions must be reported either on the income statement or disclosed in the financial statement footnotes.
How do you calculate income before extraordinary items?
Add the income from continuing operations to the gain on discontinued operations after tax. Using the same example, adding $87,600 to $8,600 gives a figure of $96,200. This figure represents the company’s income before extraordinary items are added.
Is debt forgiveness an extraordinary item? After the company has applied for loan forgiveness and has been legally released from the debt, the company will record a gain on extinguishment of debt. This gain should be recorded as an extraordinary item and excluded from operating income.
Do I have to pay child maintenance if my ex remarries? The answer is no. When parents divorce, the absent parent (“paying parent”) is obliged by law to pay child maintenance to the parent caring for the child (“receiving parent”).
Do fathers have to pay nursery fees?
If you and your ex-partner have children, you’re both expected to continue to pay towards their costs after you separate. And often that means one parent will pay the other. You can agree this between you or, if you can’t agree, ask the Child Maintenance Service to calculate the amount.
Is overtime included in CSA payments? So, not only do we know that overtime pay is generally not included for child support income, we also know why. Namely, children are expensive and parents who want to get ahead by working more than full-time should not be penalized for doing so.
At what age does child maintenance stop?
Contacting the Child Maintenance Service
You’re normally expected to pay child maintenance until your child is 16, or until they’re 20 if they’re in school or college full-time studying for: A-levels. Highers, or. equivalent.
What does child maintenance pay for? Child maintenance is money to help pay for your child’s living costs. It’s paid by the parent who doesn’t usually live with the child to the person who has most day-to-day care of the child. It’s also called ‘child support’. A child means someone who’s under 16, or under 20 if they’re in approved education or training.
Can I reduce my CSA payments?
If payments are reduced or stopped (unless agreed between you), you will be in breach of the court order. If you genuinely can’t meet payments because your income has fallen, you can ask the court to reduce the amount of child maintenance you need to pay.
How does accounting define extraordinary item? An extraordinary item in accounting is an event or transaction that is considered abnormal, not related to ordinary company activities, and unlikely to recur in the foreseeable future.
Are Extraordinary Items GAAP?
The FASB on January 9, 2015, eliminated the seldom-used concept of “extraordinary items” from U.S. GAAP. The standard-setter erased the concept via Accounting Standards Update (ASU) No.
What is your opinion on how extraordinary items should be reported? Material gains and losses are classified as “extraordinary” on the income statement when they are both “unusual” and “infrequent.” Extraordinary items are reported at the bottom of the income statement, net of their tax effects.
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