For a 16 yr old or teenager, $550 is a lot, considering it's roughly about $10 an hour, plus overtime pay ($15, which pays time and a half). But for a working adult, it's not a lot of money.
So 40 hours x $10 = $400. OT pay is 11 hours x $15 = $165. In total = $565. After taxes, it may be around $519.
But if it's after taxes, it's probably around $11 an hour, it's a 'little bit' more money but overall it's not a lot of money.
So no, $550 is not a lot.
I'm speaking for myself, as I live somewhere (San Diego, CA) with 1 bed/bath apartments ranging from $1700-$2100 so this income will not suffice.