Posted by SANDRA LEE on 2/3/08 7:49pm
Msg #233908

Only get paid one third of what I charge

I've worked as a mobile notary 5 years and figured out I get paid about a third of what I charge when you really look closely. I'm really considering phasing out of the business unless something really big happens here to increase business.
I'm listed here and on another site as premiere member in Cali.
I'm not surre why so few calls. I'm high on google's search list as well.
I'm spinning my wheels.
Sandi

Reply by Laura Vestanen on 2/3/08 8:42pm
Msg #233910

Sandra -

This is shocking. Would you add some more information about what happens?

Thanks
LauraV

Reply by SANDRA LEE on 2/3/08 9:11pm
Msg #233914

When I do the profit or loss from business form Schedule C, after inputting my supplies and expenses and paying self employment taxes, this calculates to close to one third profit fo me.

Reply by BarbaraL_CA on 2/3/08 11:28pm
Msg #233927

Well... in the corporate world....

you get paid a salary and by the time all the taxes, insurance, etc. is taken out you're only getting about 1/3 of the salary. Same thing.

Reply by LKT/CA on 2/3/08 8:48pm
Msg #233911

<<<....I get paid about a third of what I charge when you really look closely....>>>

Do you mean, for example, that you charge $150 to the SS or TC, they agree to it, but when the check arrives in the mail, it's only 1/3 of that ($50)

OR do you mean you normally charge, for example, $150 but these days, SS's or TC's are only offering 1/3 of that ($50) and you are accepting $50 fees...which is 1/3 of what you normally charge?

Please clarify your statement above.

Reply by NCLisa on 2/3/08 8:50pm
Msg #233912

Have you thought of correcting the grammar in your profile. You may get more business if you make the corrections.

Reply by Linda_H/FL on 2/3/08 9:11pm
Msg #233915

Not sure about the pay...but..

Perhaps tweak your profile, clean it up a bit grammar and sentence structure wise, and if you really want to post a picture, I'd suggest finding a more professionalone ... Just a suggestion.

Reply by LisaWI on 2/4/08 6:03am
Msg #233930

Re: Not sure about the pay...but..

You might want to consider doing a different website also. Your website is full of popups, and advertising.
Microsoft has a free website for small business owners. User friendly, you can create your own domain and free of popups and advertising.
And dont feel alone. There is slow down for others as well. Good luck to you.

Reply by Lee/AR on 2/4/08 7:00am
Msg #233932

Think what Sandra is saying is

after expenses (paper, toner, gas, TAXES, cell, internet, etc.), she's got 1/3 of the fee she charged in her pocket.

Reply by LisaWI on 2/4/08 7:25am
Msg #233933

Re: Think what Sandra is saying is

Yes, I feel her pain when it comes to the self employment taxes. I think this is one area some forget about when pricing themselves for signings. I roughly figured out on a signing that is paying $125, I pay $18 for self employment taxes.

Reply by CaliNotary on 2/4/08 10:23am
Msg #233968

The website: Rotary Notary?

Oy vey. Riding someone else's coattails doesn't come across as very professional.

Reply by Gary_CA on 2/4/08 8:11am
Msg #233939

Well... if you want to succeed...

and I'm not sure you should. This line is tough, as my signing work slows down, I'm letting it... that might be best for you too...

But if this is where you wanna make it...

Someone above posted the god-awful truth... your picture is scarey (everything dark except the teeth and a light bulb) and the profile could use a tweak. I'd particularly get rid of the Real Estate Agent part... that's a deal breaker for a lot of signings (no you're not alone, in fact it's a common combo, but it's not what you want to lead with, trust me.)

Then you gotta take a look at your expenses. 67% is too high, half is about right. It's true, we keep a lot less than we get, but you can do a little better... and you have to if you're gonna stay.

I'd take a hard look at my numbers and find someplace to cut 1% of my expenses. Just a smidgeon... then in a couple months shave off another smidgeon.

Reply by Lee/AR on 2/4/08 8:41am
Msg #233943

It's also possible...

that the fees you are charging are too low & leave no room for profit. Any business must pay its expenses, wages, taxes...and make a profit or what's the point?

Reply by Damien Young on 2/4/08 9:44am
Msg #233960

Morning All:

I thought notaries are not subject to self employment tax????

I recall hearing that some time ago. I havent looked into yet however.

Reply by Barbara A Demonte on 2/4/08 10:00am
Msg #233964

Notary fees are exempt. n/m

Reply by LisaWI on 2/4/08 11:14am
Msg #233977

Re: I wish!!

Your whole income is subject to self employment tax. Whats exempt is the Notary Fees allowed by your state.

Reply by LisaWI on 2/4/08 11:55am
Msg #233985

Re: I wish!!

That was meant for Damiens post, not Barbara's.

Reply by Teresa/FL on 2/4/08 3:14pm
Msg #234012

Re: I wish!!

Your net income (gross minus expenses) is subject to federal/state income tax. The portion of your income that can be attrituted to notary fees is exempt from the self employment tax.

For example:
You are wildly successfuly and gross $100,000 in 2007.
Your expenses are $25,000, leaving you with a net income of $75,000 which is subject to federal and state income taxes.
Of your $75,000 net income, $50,000 can be directly attributed to fees for notarizations only, leaving a balance of $25,000 that is subject to Self Employment tax.