I love math. I’ve ran the numbers a lot. I know I need to sit down with an accountant but I’m just trying to see if anyone else has advice.
In the hairstylist world we can be commission or booth rent. Right now I’m commission, paid weekly by my employer. With booth rent I would be self-employed. You’ll notice my rent is high. I’m in an affluent community and I’m not responsible for towels/back bar/retail products. So it make out to be a decent deal.
Here is the yearly break down of both:
COMMISSION $35,000 (take home before taxes, 50% commission, brought in 70k) $5000 (cash tips) No expenses
BOOTH RENT $70000 (take home before taxes, keep all) $5000 cash tips Expenses: Rent- $275 a week/ one free week (aka vacation) $14,025 a year Insurance- $800 a year Supplies/extras- $500 a month (estimate) Credit card fees- ????? No clue Taxes- ??????
I appreciate any and all advice:) My gut tells me to make the leap. But the unknown taxes scare me.
Submitted July 22, 2018 at 08:12PM by Notouchyfeelyforme https://ift.tt/2NCh6RA
