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Zeke Zeke is online now
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Join Date: Jan 2002
Location: Long Beach CA, the sewer by the sea.
Posts: 38,252
Mcmansions can be a lot tougher to paint than an average home. Higher ceilings, more detail and lots more furniture and trinkets to move around and cover. That plus the color scheme mentioned and he only charged $1500 a week for more than one person?

If I were still in a full fledged contracting business with overhead, I need 800 a day for myself according to my accountant. Of course, I never made that goal, not once. But, 1500/wk for even 2 painters is modest.

Remember, 40% (15% self employment tax before deductions, plus state and fed income tax) comes off the top for taxes. So, even if he's paying one helper 100 a day under the table, he's taking home (or netting) 600 a week. Can you live on that?

Don't nit pick my calculations, it's just a way of making a point. In addition, if he's deducting his gas, he still pays for the gas. It's not like business deductions are money in the bank. So, it's 40% even if you cut it different ways.
Old 07-30-2010, 08:42 AM
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