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Florida figures the parents' combined net incomes and multiplies by a percent. (The percent varies by income and number of children.) This gives the child's "basic support level" from both parents.
The custodial parent gives his (or her) share of this support in the payment of day-to-day expenses. The non-custodial parent gives his (or her) share by making cash payments to the custodial parent in an amount proportional to his (or her) share of the combined incomes.
Net income is, generally speaking, gross income after taxes, union dues, health insurance for the parents, mandatory retirement payments, and payments to support children or spouses of prior marriages.
If the parties' combined annual net income is $60,000, and there were one child, the parents would together pay about 20% of their incomes in child support. With two children, it would be about 31%. For a combined annual net income of $30,000, these figures would be about 21% and 34%. For $120,000 they would be about 14% and 22%.
The judge is authorized to deviate from the child support guidelines by +/- 5%, based on factors such as:

Needs of the children; and
Age, station in life, standard of living, and financial status and ability of each parent.
Child care costs for employment or education;
Health insurance costs for the children;
Extraordinary medical, psychological, educational, or dental expenses;
Any independent income of a child;
Payments of spousal support or support for a parent;
Seasonal variations in the parents' incomes;
The age of the children (older children have greater needs);
Special needs that the parents have been fulfilling;
Long visits. If a child has visits of over 28 days, the court may reduce the payments;
No visits. If the non-custodial parent is essentially absent, the court may increase the payments;

Section 61.30.
Florida Law - When Can Child Support Awards Be Modified?
Child support awards may typically be modified whenever there is a significant change in circumstances or financial ability of either party, when health insurance becomes available, or when a child reaches the age of majority (18).
The guideline under the new circumstances should be 15% different (and not less than $50 different) than the present order.
The change should be one that was not recognized during the earlier proceedings and it should be long-term in nature.
If the paying spouse remarries and the new spouse has children, or the new couple has another child, the effect of that child on the parties' finances will not be considered.
If the parties make an agreement that is not incorporated into the marriage dissolution order, the agreement is like a conventional contract. The result is that it is more difficult to modify this kind of agreement to reduce the child support.
Cases:
Robinson (1995) 657 So2d 958 (court not permitted to take into account the cost of the husband's new baby with new spouse).
Tietg v Boggs (1992) 602 So2d 1250 (it was difficult for husband to reduce support order, where agreement had not been incorporated into marriage dissolution order).
Florida Law - How is Child Support Enforced?
Orders for child support are accompanied by orders that the payments be deducted directly from the payer's income.
There are a number of other enforcement mechanisms, including the ability to have the driver's license or professional licenses of the non-paying spouse suspended.
Section 61.1301, 61.13015, 61.13016.
Florida Law - Until What Age Does Child Support Typically Run?
The typical age at which child support stops is age 18, though the court may permit it to run until the child graduates high school.
Child support may continue longer by agreement of the parties, especially if the child remains a student.
Section 61.14(1), 743.07(2).