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Introducing issues of youth unemployment
Introducing issues of youth unemployment
Introducing issues of youth unemployment
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IRS Child Tax Credit
You may never get back what you put in, but you didn't have children with the idea that they were going to make you money anyway, right?
Let's face it, kids can be expensive. The Network Journal estimates that each child may cost an average of $250,000 from birth to age 18. While there is no way the government is going to give you all of that money back, there are ways that children can help lessen your tax liability.
One way is through the Child Tax Credit. Every child that is an eligible dependent who cannot be claimed by somebody else on their return can be worth up to $1,000 on your taxes. Children include babies who were born during the tax year. The children can be claimed every year until they turn 18.
Two
way to start off, and you and the un-born child would be so much better off if
According to the U.S. Secretary of Labor, Thomas E. Perez, there are many benefits to
The income that people pay for child support has many factors. Depending on what state you may reside in plays a major role in how much the parent may end up paying. Looking at things on a broad spectrum anything is valid when it comes down to determining the amount that a child will receive from the noncustodial parent. According to LawInfo there are three models that states choose to follow in order to calculate the income of each person's child support case; Flat Percentage, Income Shares, and Melson Formula. The similarity between these three models is how much the parents receive economically and the child’s necessities. With these three models plugged into the child support system we will get a better understanding of how the parents and children benefit from each model. Once the economic issues are settled among the parents there may not be a stable environment just yet until custody rights are given and agreed on. The following models will give a brie...
The decision to stay put or divorce when children are involved is one of the difficult decisions that couples have to make it. However, there may be an appropriate and acceptable solution. Before any couple decides to settle for any solution, they have to understand that each scenario has its pros and cons and also that each decision is a lifelong decision. Research has shown that most couples rush to the decision of divorce due to impulsivity or emotional reactions. Also more often, most couples make decisions based on the guidance and input suggestions of their friends and family. However, what most couples fail to understand is that marriage or divorce is a personal decision
Knowing I had a child on the way put me into a whole new state of mind. Right now at 27, I’m elated to say that I’m 100% debt free. Now that I don't owe anyone allows me to pay myself and build my net worth month by month. I feel I have a great opportunity to create generational wealth for my son. If I start investing from the day he is born he wouldn’t need to ask anyone for a loan to start a business, for college tuition, certification fees or whatever route that he decides to choose. I want him to have a better life than I did growing up so I have to make some sacrifices.
Hicken, Melanie. "Average Cost to Raise a Kid: $241,080." CNNMoney. Cable News Network, 14 Aug. 2013. Web. 05 Apr. 2014.
While the idea of adoption sounds so perfect and great, one huge factor makes the adoption choice somewhat difficult. One would never think of putting a “price” on their own child yet adoption is extremely pricey. A couple looking to adopt better be prepared to spend roughly $35,000 (babycenter). Personally, that number shocked me. Who finds it necessary to put such a high cost on the love between parents and a child? What is more important, the fact that a child needs a good home and a family somewhere out there wants to become parents, or spending thousands of dollars to fulfill a need that is supposed to be priceless? The answer here is obvious, and there are multiple reasons as to why the cost of adoption should be lowered immensely.
This is usually a big deal-breaker. It would always be a nice to idea be open and honest about you having your own children. After all, most children just want their parent to be happy, and may be less likely to object than you imagine.
In Junot Diaz’s essay “The Money” he explains where his family stands economically. Stating that his father was regularly being fired from his forklifting jobs and his mother 's only job was to care for him and his four siblings. With the money brought home by his father, his mom would save some. Her reason was to raise enough to send to her parents back in the Dominican Republic. When his family went on a vacation, they came back to an unpleasant surprise; their house had been broke into. Eventually Diaz was able to get back their money and belongings. Diaz returned the money to his mother although she didn’t thank him for it, this disappointed him. Like Diaz I have also encountered a similar situation where I was disappointed. When I was in second grade, my life life took a completely different turn. My dad took an unexpected trip to Guatemala, on his return, the outcome was not what I expected.
Raising a child isn't an easy thing to do. Raising a child while the parents are still in their teens is even harder. Dealing with the day to day chores that involves a baby and trying to work and get an education is very stressful on any teen.
Government’s concern for children and desire to protect them from poverty, led them to establish child support as rate of poverty among single family with children increased. Federal child supports were established in 1975 under Title IV-D of the Social Security Act to obtain support from noncustodial parents, so single family could stay off public assistance and away from poverty (Child Support Handbook 2). According to Beld child support is an important source of income to help reduce economic insecurity for single family with children “with approximately half of United States children now expected to spend at least part of their childhood in a single parent home, federal and state child support policies touch families in every demographic
the parents to pay or the child may have to learn to live without fulfilling their
Couples today are less sure about the rationale for having children. In former times (and in many non-western cultures today), children were seen as playing an important role in the continuance of family. Children may have been needed for kinship ties, to work on the family business, to look after parents in their old age, or to safeguard an inheritance. Presently, in Western society, the economy and the interests of industry have generally taken precedence over parenting and the interests of family (http:/wwwcfi.ie/feb2001/crisis.htm 3).
Due to the legal limit, most of children who were born in China are the only child in their families. They don’t have any brothers or sisters. They are the kings or queens in their family. They don’t have to fight with their brothers or sisters for a toy. They don’t have to share anything with their siblings. They don’t have to take care of their younger brother or sister. They don’t have to do anything that they don’t want to do. Because they are the only child in their families, and their parents are given all of love to them.
Many teens don’t realize how much money it actually cost to raise a baby. And in many cases these teens don’t finish school or are still in school which ultimately realistically can’t get a well-paid job. Studies have showed that just the first year raising a baby costs between $10,000-12,500, and as the child grows the expenses only increase each year. The amount of money a child requires does not equate to the minimum wage jobs teens are able to acquire. The financial strain can effect both the child and the teen parent. The child can be deprived and the mother may not be able to provide the resources to raise a healthy child and also feed herself. Along with the emotional stress, troubling finances is another of the top factors why teen parents drop out of high school. The financial aspect to the issue many times forces teens to leave school to seek jobs and find a source of income. For teens that are fortunate enough to have their parents support it can also put a strain on their parents finances. Overall teen pregnancy can cause financial hard ache for everyone including, parents of teens, the teen parents themselves, and even