Five days into camming, legitimately confused. (Taxes, Earnings, etc.)
Hi I'm new here so I'm not quite sure if this has already been answered. But I'm pretty sure this is in the right place.
Erm, alrighty. I started on MFC about 5 days ago, tonight when I go online it'd be my 6th session. I've only made $450 dollars so far, that's not bad for me but I'm really confused as to how much of that I'll actually be paid on the 16th. I've tried looking on the mfc wiki page but I'm still confused about it. I don't really think it's fair that mfc sells tokens for guys, and when the guys send the tokens to us, we only get a percentage of it? Meh I guess that's how they make their money. My next question is taxes. I'm only 18 so I've never filled out taxes, no forms or anything. My mom has always claimed me because I live with her and I've never had a job for more then a couple months. So like, do I have to do my own taxes come next year? How do I even pay them. I apologize if I sound a bit dumb but I'm totally scared of the IRS, and I would rather not have them harass me.
okay last question i promise, i think my earnings so far are pretty low, but I've been trying to hustle really hard my first days on here, I already have about 9 different guys who will come in my room regularly and out of those guys only 4 tip me everyday. How do I get more paying regulars? I am a very bubbly person, I'm always talking to the guys, telling them everything they wanna hear on cam. But how do I get them to tip me more? I'm thinking of switching sites soon as soon as my ID is renewed, what are your suggestions?
Any feed back would be greatly appreciated.
~#Confusedcamgirl1
Re: Five days into camming, legitimately confused. (Taxes, Earnings, etc.)
Search through the threads on stripperweb (I'm sure some of these very helpful ladies will be posting a link bomb pretty soon). A good way to do a search is to go to google and type in (without the "") "what you are looking for : stripperweb.com" you'll find all threads related to your inquiry.
As far as taxes save 30% out to be safe. MFC will not take out taxes for you but they will send you a form at the end of the year to bring to your CPA. When you file taxes make sure to save all of your receipts for business expenses (like computer, internet service, toys, outfits... anything caming related!) and you can write it off at the end of the year. See a certified public accountant (CPA) and they will know what to do. Just have your 1099's (MFC will send this to you at the end of the year), receipts, SS #, and 30% of your earnings saved in a bank account so you can pay taxes. CPA fees run about $200 in my area.
Do you still live with your mom? If so, she may be able to still claim you as a dependent. I'm not 100% sure what your situation is so it may be helpful to ask a CPA for yourself about that one.
Re: Five days into camming, legitimately confused. (Taxes, Earnings, etc.)
Look in the MFC thread on here. There are a lot of good tips and advice on there.
Quote:
Originally Posted by
Barbie666
Hi I'm new here so I'm not quite sure if this has already been answered. But I'm pretty sure this is in the right place.
Erm, alrighty. I started on MFC about 5 days ago, tonight when I go online it'd be my 6th session. I've only made $450 dollars so far, that's not bad for me but I'm really confused as to how much of that I'll actually be paid on the 16th. I've tried looking on the mfc wiki page but I'm still confused about it. I don't really think it's fair that mfc sells tokens for guys, and when the guys send the tokens to us, we only get a percentage of it? Meh I guess that's how they make their money. My next question is taxes. I'm only 18 so I've never filled out taxes, no forms or anything. My mom has always claimed me because I live with her and I've never had a job for more then a couple months. So like, do I have to do my own taxes come next year? How do I even pay them. I apologize if I sound a bit dumb but I'm totally scared of the IRS, and I would rather not have them harass me.
okay last question i promise, i think my earnings so far are pretty low, but I've been trying to hustle really hard my first days on here, I already have about 9 different guys who will come in my room regularly and out of those guys only 4 tip me everyday. How do I get more paying regulars? I am a very bubbly person, I'm always talking to the guys, telling them everything they wanna hear on cam. But how do I get them to tip me more? I'm thinking of switching sites soon as soon as my ID is renewed, what are your suggestions?
Any feed back would be greatly appreciated.
~#Confusedcamgirl1
Re: Five days into camming, legitimately confused. (Taxes, Earnings, etc.)
For being so new to MFC, $450 is not at all bad. It's great for the majority of girls on there, in fact. Most girls will never make that much, so keep that in mind. If you have regulars already, you're doing fine, don't worry. Keep up what you're doing and tweak things as you go. I will stress to you that on MFC it is extremely important to stay consistent- meaning be on at least a few days a week at around the same time. MFC requires lots and lots of patience so just stick with it, it can really be worth your time :) A lot of people here think MFC is the hardest cam site to work on, so you're doing great.
As for what you actually will be paid, this is how it works. The guys pay 10 cents a token, we get 5 cents each. Whatever the amount of tokens in your token counter is that you see when you're online is how many you've earned. You never see the cut that MFC takes. So, for example, you make 1000 tokens in a shift. If you want to know the dollar amount, you simply take the number of tokens and divide by twenty. So, 1000 tk divided by 20= $50 for you. Also, about the 50% thing? That's pretty good compared to some other sites, and they do have expenses, so I don't find 50% unreasonable personally.
MFC does not take any taxes out for us (Social Security, etc.) because we are independent contractors; self-employed. So you won't get a w-2 like you normally would, but a 1099 instead, which you will have to file and then pay taxes. We are supposed to pay taxes quarterly (4 times a year), otherwise there is a penalty (don't let that scare you, my penalty was like $30 or so). You can file them yourself (like on TurboTax.com) or bring it to a place like H&R Block or an accountant. If you're 18 and your parents still claim you, I'm not really sure how that works, you'd have to ask someone else. But a warning- if your mom claims you or sees your 1099, she's gonna want to know what your job is.
Lastly, there was one thing you said that I wanna caution you about. You said you "tell the guys everything they want to hear". Don't do that, just try keep it real with them. They'll appreciate it.
You should read the sticky threads and learn more, but I wanted to save you a little time lol. Good luck!
P.S. I'm a 2 year MFC veteran ;)
Re: Five days into camming, legitimately confused. (Taxes, Earnings, etc.)
Thank you all so very much ^_^ I'll take a look at the MFC thread.
So when I click 'Account information' and it says "Total amount earned since xxx" that's exactly how much i'll be paid? o: If so that's pretty awesome I expect it to be like a percentage of that. I'm really happy I started camming haha.
Thank you all again yous are rad!
Re: Five days into camming, legitimately confused. (Taxes, Earnings, etc.)
Sounds like you are doing an amazing job! Makes me want to start again. So jealous, yet so tempted.
Re: Five days into camming, legitimately confused. (Taxes, Earnings, etc.)
Quote:
Originally Posted by
Barbie666
Thank you all so very much ^_^ I'll take a look at the MFC thread.
So when I click 'Account information' and it says "Total amount earned since xxx" that's exactly how much i'll be paid? o: If so that's pretty awesome I expect it to be like a percentage of that. I'm really happy I started camming haha.
Thank you all again yous are rad!
Exactly, the tokens you see there are what you earned, you never see the % MFC takes :)
Re: Five days into camming, legitimately confused. (Taxes, Earnings, etc.)
Protip: Make a separate savings acct for your taxes only. At the end of each week, calculate out 30% and just put it in there and don't touch it. It collects interest and anything left over after tax season is delicious delicious spending money (so you can still get a little money back around tax season!)
Re: Five days into camming, legitimately confused. (Taxes, Earnings, etc.)
lots of discussion in the Dollar Den forum about this issue ...
I would also add that the 'decision' as to whom gets to claim your personal tax exemption on 2014 tax returns is a potential MAJOR topic. Generally speaking, in the absence of being a full time college student, this decision is based on relative earnings i.e. which party is earning enough money to be able to provide 51% support. If you wind up earning, say, $20k in 2014, while your mom earns $100k, then no question your mom gets to claim your tax exemption. However, if you wind up earning, say, $30k in 2014, while your mom earns $40k, then the IRS is highly likely to audit both of you if your mom continues to claim your tax exemption. Obviously, if a camgirl is not able to claim herself as a tax exemption on her own tax return, her total tax bill / effective tax percentage will be increased.
Quote:
Protip: Make a separate savings acct for your taxes only. At the end of each week, calculate out 30% and just put it in there and don't touch it.
Also, with increased IRS attention toward 'small businesses' this year resulting from new Obamacare taxes and penalties, I strongly recommend making quarterly estimated tax payments from the 'git go'. The next quarterly estimated tax due date is June 15th i.e. a month from now. Getting into the habit of setting aside estimated tax money from every webcam host paycheck ( to a separate business bank account, into a home safe, whatever ) , and cutting estimated tax payment checks to the IRS ( and also to your state, if your state levees its own income tax ) every 3 months, also avoids facing a highly stressful situation next April 15th ... when you suddenly discover that you need to come up with ten or twenty grand for tax payments all at once !!!
It will also make life much easier later on if you start keeping 'business books' as soon as you receive your first webcam host paycheck. This can be a simple as a spreadsheet listing all of your individual paycheck 'gross' earnings in the left column, and also listing all of your individual 'business expense' spending items in the right column. Then when it comes time to make a quarterly estimated tax payment, it's a simple matter to add up all the paycheck 'gross' earnings for that quarter, subtract all of the 'business expense' spending items for that quarter, then calculate 25%+ of the difference between the two, and write the check to the IRS for that amount. 30% is probably a more accurate guess if you had been camming from January 1st, but 25% should suffice if you just started camming with 1/3rd of the tax year gone already.