bratkinson
No longer a newbie, moving up!
- Joined
- Dec 4, 2011
- Messages
- 1,643
- Reaction score
- 318
- Location
- Western MA
- Can others edit my Photos
- Photos OK to edit
Unfortunately, we don't pay 11% or less federal tax rate like the filthy rich do.
Using Year to Date information from my last paystub for 2012, fed, state, FICA, Medicare together took 21% off the top. Double the FICA and Medicare expenses as self employed persons are required to do, you're at 26.5% to taxes! Note that my weekly income is significantly less than the $4000/wedding (per week?, 52 weddings/year?) and I have a significant number of fed and state deductions claimed due to my tax situation.
OK, the OP can deduct documentable business expenses over the year such as depreciation of capitalized equipment, car mileage, miscellaneous expenses such as hardware and software upgrades to accomodate the new Canon 5D3 RAW files, even clothing costs and home office deductions (better have lots of irrefutable PROOF for the IRS!!! (been there, done that!)). Did I mention individual medical insurance costs? If you haven't paid for group-of-one (or family) medical insurance, you don't know what ROBBERY is!!! 10 years ago, at age 55, I was self employed and paid a whopping $755/mo for single medical coverage. If I had a wife and one child as well, $1800 or so, as I recall!
So have we knocked off $300-400 of that $4000 (weekly?) income? If only 1 wedding per 2 weeks, the non-wedding-specific costs will still double ($755/mo ins x 1/4 if weekly, x 1/2 if bi-weekly, etc).
In short, unless one has done 'time' as self-employed, 'pot shots' at various costs associated with self employment can only be treated as fully meaningless.
And by the way, Mleek posted several very informative discussions about pricing and cost of doing business a couple of months ago...http://www.thephotoforum.com/forum/...-its-not-answer-what-do-i-charge-for____.html
and
http://www.thephotoforum.com/forum/...g-your-codb-your-hourly-rate.html#post2758677
Using Year to Date information from my last paystub for 2012, fed, state, FICA, Medicare together took 21% off the top. Double the FICA and Medicare expenses as self employed persons are required to do, you're at 26.5% to taxes! Note that my weekly income is significantly less than the $4000/wedding (per week?, 52 weddings/year?) and I have a significant number of fed and state deductions claimed due to my tax situation.
OK, the OP can deduct documentable business expenses over the year such as depreciation of capitalized equipment, car mileage, miscellaneous expenses such as hardware and software upgrades to accomodate the new Canon 5D3 RAW files, even clothing costs and home office deductions (better have lots of irrefutable PROOF for the IRS!!! (been there, done that!)). Did I mention individual medical insurance costs? If you haven't paid for group-of-one (or family) medical insurance, you don't know what ROBBERY is!!! 10 years ago, at age 55, I was self employed and paid a whopping $755/mo for single medical coverage. If I had a wife and one child as well, $1800 or so, as I recall!
So have we knocked off $300-400 of that $4000 (weekly?) income? If only 1 wedding per 2 weeks, the non-wedding-specific costs will still double ($755/mo ins x 1/4 if weekly, x 1/2 if bi-weekly, etc).
In short, unless one has done 'time' as self-employed, 'pot shots' at various costs associated with self employment can only be treated as fully meaningless.
And by the way, Mleek posted several very informative discussions about pricing and cost of doing business a couple of months ago...http://www.thephotoforum.com/forum/...-its-not-answer-what-do-i-charge-for____.html
and
http://www.thephotoforum.com/forum/...g-your-codb-your-hourly-rate.html#post2758677
Definitely, you can shoot my wedding for free. 
![[No title]](/data/xfmg/thumbnail/34/34139-e52deba745f42ba091907fcc460cd6db.jpg?1619736311)
![[No title]](/data/xfmg/thumbnail/38/38739-1ad36a46750bafbe805f009b4453e8be.jpg?1619738703)
