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

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!
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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