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INCOME SHARES: NEW RULES FOR CHILDSUPPORT GUIDELINES EFFECTIVE JULY 1, 20171History of Child Support Guidelines in IllinoisPrior to 1984, Illinois law provided courts with the discretion to set support

How to fill out income shares

How to fill out income shares

1. Gather all necessary financial documents such as pay stubs, tax returns, and bank statements.
2. Determine your gross income by adding up all sources of income before any deductions.
3. Calculate your net income by subtracting any mandatory deductions such as taxes and social security from your gross income.
4. Identify any additional income or financial support you receive from other sources.
5. Determine the total income for both parents if filling out income shares for child support.
6. Calculate the percentage of each parent's income by dividing their individual income by the total income of both parents.
7. Allocate expenses based on the percentage of each parent's income, ensuring a fair distribution of financial responsibility.
8. Document all calculations and information accurately on the income shares form provided by the relevant institution or authority.
9. Review and double-check all information before submitting the filled-out income shares form.
10. Submit the completed income shares form to the appropriate institution or authority and follow any additional instructions provided.

Who needs income shares?

1. Individuals going through a divorce or separation where child support is involved.
2. Parents who want to ensure a fair distribution of financial responsibility for their child(ren).
3. Legal professionals and family law practitioners dealing with child support cases.
4. Government agencies responsible for determining and enforcing child support obligations.
5. Courts and judicial systems handling child support matters.
6. Individuals seeking financial assistance or benefits that require income information.
7. Anyone interested in understanding how income shares are calculated and utilized in various financial contexts.

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What is income shares?

Income shares refer to the portion of income that is distributed among shareholders of a company.

Who is required to file income shares?

Shareholders or investors in a company are required to file income shares.

How to fill out income shares?

Income shares can be filled out by providing the necessary financial information and submitting the form to the appropriate authorities.

What is the purpose of income shares?

The purpose of income shares is to accurately distribute income among shareholders based on their ownership in the company.

What information must be reported on income shares?

Income shares typically require reporting of the company's financial performance and the shareholder's ownership percentage.