How does a Verizon contract work? (Moto X)?

I'm a young guy who doesn't know anything about phone contracts and bills. I'm getting a smartphone that is one cent apparently, so I'm wondering if I'll get ripped off in future bills. My mom has an iPhone XX with a T-Mobile account. Would I be asking for too much involving her in 2 different phone services? Considering that she pays the bills. Also, I'm ashamed I never asked my mom this but how much does an average phone bill cost? Like I call a few people a week and browse the internet (Wi-Fi only) for about 4-5 hours a day. And is there a limit to how much I can text or is that another price altogether?
I'd appreciate any helpful answers that come my way.

Verizon is the most expensive mobile phone carrier, so if your on a budget forget Verizon.

You also must be 18 + to get a phone contract in your own name, so look at your mom getting you another t-mobile account, also forget about the getting the most expensive phones. Go check out the t-mobile web site.