Just accounting for typcial expenses $50,000 a year stinks unless you are not paying some of these expenses because you are not an independant contractor.
$52000.00 /yr $1000 wk gross business income (which covers most bar ads for cable)
-$ 7800.00 /yr 15% corporate income tax (or self employment tax)
-$ 3600.00 /yr 300 /mo new truck payment expense
-$ 5200.00 /yr Fuel expense
-$ 1000.00 /yr Commercial vehicle insurance expense
-$ 1000.00 /yr Commercial liability insurance expense with tool rider
-$ xxxx.xx /yr Workmans compensation expense
-$ 1200.00 /yr 1200-1400 minunte cell phone plan @ $80 /mo + taxes expense
-$ 300.00 /yr Business tax preparation / accounting expense
-$ 200.00 /yr Printing and reproduction expense
-$ 500.00 /yr Tool expense
-$ 1000.00 /yr Chargeback expense
-$24960.00 /yr Employee gross wages @ $12 per hour for 40 hrs per week (employee = you if you are an officer or owner of a business)
-$ 4680.00 /yr Employee overtime wages @ 5 hours per week
-$ 2267.00 /yr Employee payroll tax expense @ 7.65% to employer
-$ xxxx.xx /yr Misc. expenses (ie tolls, uniforms, computer, maps, vehicle maintenance etc..)
= ($1707.00) Grand total in the negative not accounting for everything just throwing some quick numbers around.
$50,000 Gross or Net?
Member #: 43860
Registered: 1/23/2006
Posted:
82
Name:
TDD
Company:
Cable
Occupation:
Slave
Location:
U.S
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