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Originally Posted by Scottwax You are going to find it tough every 3 months when you file your estimated taxes if you only make $25 an hour. |
I don't quite get what you mean.
My tax lady said to just keep track of the bottom line, and when I start making a decent income I'll start making monthly tax payments. I'm not an LLC or any type of company, I'm a Sole Proprietor(sp?). As far as I understand it, it's listed as a 'hobby with an income'.
And "only" $25/hr? Broken down that $52k a year working 40 hour weeks

. I don't know what expenses are like in Texas, but thats not a bad income her in MN, especialy me being only 21 years old.
Besides, it's working commision. Say I quote and charge someone 4 hours for paint correction, and I get it done in 3 hours. Technicaly I made $33.33 an hour, but it's based on a $25/hr commission...It's exactly how the body shop I work for operates, except far cheeper. The goal for the technitions at my shop is 200%, meaning a charged 80 hours in a 40 work week. This is the way I've learned in my time at the body shop. The way I've figured I could complete 12-15 charged hours in an 8-10 hour work day. Thats not 200%, but I think it would be a healthy income. At 150% work rate that comes down to around $75000 before taxes. I don't know about you guys...but I'de be happy with that.
Unfortunately I don't see detailing becoming a true full time career. I've been taught a lot at the body shop, and there are advancement opportunities in the near future, and I will be going to school in August for Cabinet Making and Home Remodeling.
I'm kind of stretching across the board, but I'm still young and don't have a mortgage to worry about yet. Right now detailing is proving to be a great source of side income to pay for my Daytona. The Daytona is in the works for a show quality body and a 500hp 8valve 4 cylinder

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Either way I'm interested in what you have to say Scott.