Alimony

Alimony
Alimony refers to financial support provided by one spouse to another following a divorce or separation.
Child Support
Child support is a payment specifically designated for the purpose of child support under a divorce or separation agreement. Such payments are neither deductible by the payer nor taxable to the payee.
Gross Income
Gross Income refers to the total earnings from all sources before any deductions or taxes. It encompasses income from employment, self-employment, rental property, alimony, child support, public assistance payments, and retirement benefits.

Accounting Terms Lexicon

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