is it possible to support a family working as a medical transcriptionist?

That depends on how much you need to live on, how good you are as a transcriptionist, and whether or not you are able to secure stable, long-term clients who pay on time. The last report I saw said that medical transcriptionists make an average of $28/hr. That’s before taxes. Since most medical transcriptionists work as independent contractors, they have to pay self-employment taxes, which are very high, plus they have to pay for their own health insurance, their own computer and other office setup, etc. So, just for the sake of argument, let’s say all that comes to 50%. So now you’re bringing home $14/hr actual. If you work 40 hours a week, that gives you $2240 a month in take-home pay (if you don’t take any time off). Can you live on that AND save enough so that, when one of your great clients decides to hire overseas workers instead of you, you can live until you line up another good client?

Depend how much you spend each days. If you want your family to have a good support you should go back to study with something that is very good. Medical transcriptionist won’t help you a lot in the long term.