Tax Q for Single Mom's with 2 kids......

iVillage Member
Registered: 08-04-2005
Tax Q for Single Mom's with 2 kids......
4
Fri, 08-05-2005 - 11:00am

Calling all Single Mom's with 2 kids. If none of you mind sharing, without giving me your salary, can you give me the % (so I can do a thumb figuring) of what I can expect to have deducted from my monthly federal taxes? I am looking at making 35-45 Thousand a year and I'm trying to figure out how much of my federal taxes will be taken out of my paycheck as a single mom with two kids.


For instance, my sister said, I can expect to have 19% taken out. However, she is not a single mom, so I am just wondering... is she right or is it more or less.


iVillage Member
Registered: 04-02-2003
Fri, 08-05-2005 - 7:47pm

Hi Cat,
I'm only a single mom of one 1 but I claim 4 deductions on my taxes: 1 job, head of househould, 1 child, and 1 for dependent care expenses. I get about 16% taken out for federal taxes, social security and medicare taxes. You would probably qualify for more deductions and less taken out. I actually qualify for more, but prefer to keep it at this rate and get some money back in April. Check to see if your state has income tax too, mine doesn't. The IRS.gov website has a withholding calculator where you can plug in some information to help you correctly choose your withholding level.

Good luck!
g

iVillage Member
Registered: 01-10-2004
Sat, 08-06-2005 - 10:19am
Orange clouds can you balance my check book for me? Bank says I have about twelve hundred more than I think I do.
iVillage Member
Registered: 04-11-2004
Mon, 08-08-2005 - 11:00pm

Part of the answer to that question depends on whether you plan to own a house or not.

Stephanie, CL of the Dating as a Single Parent board: http://messageboards.ivillage.com/iv-p

iVillage Member
Registered: 04-02-2003
Tue, 08-09-2005 - 6:10pm
If the bank shows you having more money, than what's the problem? ;) sure I'll help you out as long as you give me a percentage of the profit. LOL