Reply With QuoteI am not liking my lap top! I keep hitting the wrong key and sending my post into cyberspace....never to be seen. This is the 3rd time I am trying this post.
Look up the IRS to verify ALL information/advice you recieve.
The IRS states you have to have a tax home otherwise all income is taxed and housing allowance/housing is considered income and to be taxed.
Now for an example of potential income traveling:
$35/hr for 36 hrs/week 13 week contract =$16380
$1500/month housing (divide this into weeks) $375X13 weeks= $4875
car allowance $500/monthX13 weeks=$3250
Travel allowance $500
$16380+$4875+$3250+$500= $27755 gross I like to figure taxes on the high side so say 30% 30% of $27755= $8326 taxes
$27755-$8326= $19429 take home
You have to pay living expenses and bills out of the $19429. I prefer extended stays or the hotels with little fridge/microwaves as they have cable and internet accessability and local phones and linins are supplied and utilities are included and they are furnished. Call the manager and see if they will cut you a deal. Some do and some don't. You are going to be a steady tenent for 13 weeks so some will give a discount. Lets say they give you a room for $1000/month, that would come to about $3250 plus taxes on that, say 10% = $325 which is $3575 for your housing.
$19429-$3575=$15854 left to pay for food and other bills, be sure to divide this by 13 weeks so you have a better idea of how much money you have, let say you have a cell phone bill $60/mo, $200/month credit card bill, $350/month car note and food say $75/week food
195+ 650 + 1138 +975= $2958
$15854-$2958=$12896 divide this by 13 =
$992 per week to save or spend as you want
