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She had $100k in revenue, and that's about $24/hour.
Subtract from that:
* gas
* maintenance
* wear and tear on the car
* repairs
* insurance
* oops, she didn't have the correct insurance on the car and when she gets into a car accident she's screwed royally as they deny her claim
* the higher cost of getting the correct insurance ON TOP of her regular insurance
* double social security tax
* double medicare tax
* penalties and interest to the IRS up to 4/15 because she is not making quarterly estimated tax payments
* that HUGE AMOUNT DUE on April 15th to the IRS that she has insufficient money for, because she's not thinking that far ahead.
* penalties and interest to the IRS AFTER 4/15 as she scrambles to pay that huge amount due
* paying out of pocket for health insurance
* Oops! She also didn't pay estimated income taxes to her state of New Mexico
* penalties and interest to the state of New Mexico up to 4/15 because she is not making quarterly estimated tax payments
* that HUGE AMOUNT DUE on April 15th to the state of New Mexico that she has insufficient money for, because she's not thinking that far ahead.
* penalties and interest to the state of New Mexico AFTER 4/15 as she scrambles to pay that huge amount due
And let's not talk about traffic tickets, parking tickets, driving while exhausted, and all the other six tons of expenses not there.
Net total: Barely minimum wage. Better off flipping burgers.
She's up at 4AM studying her field before going to work. I was like that, and it paid off big time. In my case I was up at 4AM while in the navy where my regular work day started at 8.
I left the navy, pursued my dream of sales and business and am now comfortable retired.
Phooey on all you naysayers, who would find something negative to say about life, not matter what the circumstances.
I say, good for her!
It appears that she is driving approximately 45,000 miles a year. The IRS standard mileage rate is 57.5 cents per mile. Her costs are probably less than that due to the amount of miles driven. I would estimate 45 cents per mile or approximately $20,000 a year in auto expenses. Additional expense versus being an employee is one half the self employment tax of 15.3% or $6,120 ($80,00 X 7.65%). Net of approximately $74,000 divided by 4,000 hours is equivalent to $18.50 an hour as an employee without benefits. Doable if your only other options are jobs paying at or slightly above minimum wage.
Assuming you know how to get the most fares, each ride say 15min ride can be as much as $10-15 fare while Uber charges the rider $20+. So, it's very easy to make about $30 in under an hour. And in good areas you can pick up 4-5 riders an hour that's roughly $60+
Of course this has to be in a good busy city and not some suburbs.
When the hell does she have time to attend a class or study?
Some people are motivated. I worked those sorts of hours and got my college degree.
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