TAXES!! How much will it reduce my salary?!?!
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Hey I just got a job paying 31 dollars/ hour, and 46.5/ hr overtime. Generally i will be working around 47-50 hours per week. So around 7-10 hours overtime a week. I calculated and I will be making around $1250 per week (pay period) or 65000 and 68000 a year before taxes. I was wondering how much will uncle sam take away in taxes, and how much will i get back if on my w-4, i have filed as independent and single (so 2 allowances). Please help!! soo lost! Also, my mom lives with me. Can I claim her as a dependent and file as head of the household? She's 57 and doesn't get any other benefits. I am 21. Please help!! Will that help me in reducing tax? We live in a small place with no rent that our cousins let us use it.
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Answer:
Hard to tell if you can claim your mom or not. Does she have any income at all? If not, and you provide over half of her support, then you could claim her, and could file as head of household. But half of the fair rental value of the house where you live is support for her provided by your cousins, so you might not be providing half of her support.
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