After reading many posts about self employment tax etc. I realize that I have to keep track of the money I get for the individual notarizations - not just the total paid for the entire package.
For example borrower Jane Smith's loan required 8 documents notarized. In CA that is worth $10 each doc. I was paid $125 for the loan so I separated my payment into $80 for notary fees and $45 for signing agent fees.
What do y'all do when your notary fees are upside-down? For example borrower Joe Blow's loan required 8 documents notarized. In CA that is worth $10 each doc. I was paid $75 for the loan.
Can/Should I separate my payment into $80 for notary fees and a discount of $5 for signing agent fees? If not, how do you handle similar situations? |
