Comments on: Losing $360 a month http://www.outofdebtagain.com/2009/06/losing-360-a-month/ ...we did it before, we can do it again Sun, 14 Mar 2010 16:20:57 -0700 http://wordpress.org/?v=2.9.2 hourly 1 By: July 1st - Is It Your New Fiscal Year? | Out of Debt Again http://www.outofdebtagain.com/2009/06/losing-360-a-month/comment-page-1/#comment-1254 July 1st - Is It Your New Fiscal Year? | Out of Debt Again Wed, 01 Jul 2009 13:57:19 +0000 http://www.outofdebtagain.com/?p=871#comment-1254 [...] as usual I’ve been busy with Mr. A’s business, and other things. We completed our last pickup for the side job we quit last month, on Friday. Over the weekend I designed a new logo for Mr. A’s business [...] [...] as usual I’ve been busy with Mr. A’s business, and other things. We completed our last pickup for the side job we quit last month, on Friday. Over the weekend I designed a new logo for Mr. A’s business [...]

]]> By: Mrs. Accountability http://www.outofdebtagain.com/2009/06/losing-360-a-month/comment-page-1/#comment-1135 Mrs. Accountability Wed, 03 Jun 2009 13:54:09 +0000 http://www.outofdebtagain.com/?p=871#comment-1135 That's what I should have done first! Sat down and figured out exactly how much we'd be losing. The thing is, when it comes to the income tax liability, the dang mileage was where we were making out. I estimated last year's gross to be $5000 but after mileage we were liable for tax on only $2000 of it. With self-employment income one can expect to pay 30-40% of that. So the tax liability would have been $600 or $800. Anyway, I love your rationale and if I also add in the bookkeeping part of it, and we also had to drive it into the big city to drop it off, that all takes more time. I think I will make a point to analyze it a bit further. Thanks, David!! And thanks for visiting and commenting! That’s what I should have done first! Sat down and figured out exactly how much we’d be losing. The thing is, when it comes to the income tax liability, the dang mileage was where we were making out. I estimated last year’s gross to be $5000 but after mileage we were liable for tax on only $2000 of it. With self-employment income one can expect to pay 30-40% of that. So the tax liability would have been $600 or $800. Anyway, I love your rationale and if I also add in the bookkeeping part of it, and we also had to drive it into the big city to drop it off, that all takes more time. I think I will make a point to analyze it a bit further. Thanks, David!! And thanks for visiting and commenting!

]]> By: David http://www.outofdebtagain.com/2009/06/losing-360-a-month/comment-page-1/#comment-1133 David Wed, 03 Jun 2009 13:01:30 +0000 http://www.outofdebtagain.com/?p=871#comment-1133 the way I figure it, the absolute most you are making is $31/hour, even if each trip is only 16 miles, and you only spend an hour... a 20% reduction in pay would take you to under $25/hour, and, after taxes, etc., you would be making about $160/month... so, in real value, I would expect that you will see less than a $200/month dip in actual income, especially if you spent more time and drove further... I bet you make it up very quickly! the way I figure it, the absolute most you are making is $31/hour, even if each trip is only 16 miles, and you only spend an hour… a 20% reduction in pay would take you to under $25/hour, and, after taxes, etc., you would be making about $160/month… so, in real value, I would expect that you will see less than a $200/month dip in actual income, especially if you spent more time and drove further…

I bet you make it up very quickly!

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