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Thread: Dolla bills, ya'll --Warning.. LONG--

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    Default Dolla bills, ya'll --Warning.. LONG--

    Delete
    Last edited by HustlaBustla; 04-15-2015 at 01:52 AM. Reason: Thread getting off topic. Edited to remove the actual AMOUNTS of bills, mortgage, etc. in order to not conflict with advice.

  2. #2
    Yekhefah
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    Default Re: Dolla bills, ya'll --Warning.. LONG--

    I want to know where the hell you're working in California where you make $8000 a week.

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    Default Re: Dolla bills, ya'll --Warning.. LONG--

    Me too.
    you live like an ivy vine
    you can only survive by clinging onto trees
    that's your flaw
    put down some roots so you can stand on your own
    -Kenpachi



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    Senior Member 8TJ's Avatar
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    Default Re: Dolla bills, ya'll --Warning.. LONG--

    Troll, troll, troll

    9 posts, most of them just after school got out.
    mom and dad better get Netnanny!

  5. #5
    miss marina
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    Default Re: Dolla bills, ya'll --Warning.. LONG--

    8 grand a week? Not to sound like a hater but that doesnt sound very truthful unless you are doing more then dancing

  6. #6
    miss marina
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    Default Re: Dolla bills, ya'll --Warning.. LONG--

    I've only worked in Fl basically, so that just seemed like a ton to me, lol. I didnt mean to seem like I was shooting you down at all. Now that i read over my post, it sounds really bitchy...Sorry dont have advice, so im leaveing this thread LOL

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    Banned Melonie's Avatar
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    Default Re: Dolla bills, ya'll --Warning.. LONG--

    Bustla, I hear you ! (I've been in Market Street Cinema etc.)

    As to your financial plan, the only wrinkle I would comment on is the potential ramifications of California's stupid 'employee dancer' ruling. To cover your own butt in terms of the Cal Franchise Tax Board and the IRS, I would recommend that your first week's earnings go straight into a bank account for use in paying estimated taxes ! Then pay your current expenses out of the second week's earnings. Then pay your existing debts out of the third week's earnings. Then bank your fourth week's earnings as savings ... so that part of that money will be available to supplement your estimated tax payments.

    Keep in mind that as a California resident earning say $200k a year as a top notch full time dancer, you're going to owe 15.3% on the first $90k of earnings to social security / medicare tax, you're going to owe the next 28% or so to the IRS as income tax, and you're going to owe the next 7% or so to the Cal FTB as income tax. This will work out to be somewhere around a 35% overall tax rate, subject to write-offs / filing status / dependents etc. With the California DOL ruling, it is a virtual certainty that the Cal FTB is going to try and cross-link your home ownership and vehicle ownership with a tax return showing a reported income substantial enough to cover those costs.

    PS because of the Cal FTB situation, my accountant has forbid me to do any work in California for the last couple of years (which sucks because there are several magazines / professional photogs / pay websites based in California that I had done well with in previous years)

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    Default Re: Dolla bills, ya'll --Warning.. LONG--

    If you're so well why not invest in your retirement? Like a Roth IRA? If you're unfamiliar with investing why not talk to a FA? I'm no guru about finances and all but I know is to save and pay taxes.
    you live like an ivy vine
    you can only survive by clinging onto trees
    that's your flaw
    put down some roots so you can stand on your own
    -Kenpachi



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    Default Re: Dolla bills, ya'll --Warning.. LONG--

    ^^^ I also agree that, of all of the gov't 'qualified' retirement plans, the Roth carries the lowest amount of downside risk (since it does not result in a tax savings on contributed money, thus no future years tax liability, thus won't be AS subject to potential future gov't rule changes).

    Perhaps it's just my own paranoia, but I have major mental problems with conventional IRA's which allow a present year tax savings on contributions, but also create a future tax liability when that IRA money is eventually withdrawn and spent to cover retirement costs. IMHO this amounts to a 30-40 year gamble where one player (the contributor) is making decisions based on current law, but where the other player (the gov't) is free to change the rules after the game has started ... i.e. denying future eligibility for SSI benefits if the contributor has saved enough of their own IRA money not to 'need' an SSI check, jacking tax rates on withdrawn IRA money sky high etc.

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    Banned Melonie's Avatar
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    Default Re: Dolla bills, ya'll --Warning.. LONG--

    When did you work at MSC? I heard the money making potential used to be incredible years ago. I actually went and took a tour about 3 years ago, and it seemed really quiet.. also pretty dingy, and the girls also weren't very attractive and pretty mean! Doesn't seem like a place I'd imagine you at.
    Actually, the last time I was at MSC was in 1999 ... just about at the point where the dot-com boom was peaking out. Back then there were no accounting rules about corporate expense account write-offs of strip club business expenses LOL ! However even then the place was pretty dirty. I am told that in the intervening years that MSC has pretty much turned into a brothel plus gone downhill a lot in terms of public image.

    As for the taxes.. I thought that social security was already taken out of my paycheck? And for the income taxes, I pay cash at the end of the night to the club. You tell them how much you made, and they tell you how much cash you owe them. It's weird, tho.. because if I claim say, 100 dollars, they take about 30 percent. If you claim 400-600 it's about 40 percent.. sometimes it even gets as high as 50 percent. I'm rather confused. At the end of the pay period, your taxes paid that period show on the check. Obviously, I still owe more than I claim at the end of the night, so I've reported the rest at the end of the year to my tax guy. Last year I owed quite a bit, even considering how much I had paid to the club up til that point. Do you think that I should just wait til the end of the tax year and pay it in full? Or just claim the ENTIRE amount I made at the end of each shift? Fuck, that's gonna be a lot of cash to dish out each night.
    ahhh, I see that you've already been snagged by the California Employee Dancer law. It would appear that whatever club you are currently working at is treating you as a 'statutory employee'. Yes this means that the club must pick up the 7.6% employer's share of SSI taxes. However you will still get whacked with the 7.6% employee's share, plus you can't take an adjustment to income for self-employment taxes. On top of that you will get whacked with whatever tax rate coincides with your earnings level for both federal income tax (guess 28%) plus California state income tax (guess 6%). To make matters worse, because you must file as a 'statutory employee', you do not get to take tax deductions for general business expenses ... only for 'employee' business expenses, which pretty much limits you to the cost of costumes and shoes. So yeah expect to pay at least 40% of your gross earnings out in taxes !!!

    As far as claiming 'tip income', because of the California employee dancer law there is only ONE way that you can legally do this ... by reporting your actual tip income on a nightly basis to the club and then allowing the club to run those numbers through the club's employer payroll system. It is NOT legal to under-report your actual nightly 'tip' income to the club, and then attempt to claim additional 'tip' income on your own tax return at the end of the year as if it were derived from a separate (sole proprietor) business venture. Attempting to split up part of your actual income as 'employee' income from the club, and the other part of your income as receipts from an independent business venture, can be construed as fraud. It's basically the same idea as a person earning $100k a year attempting to avoid taxes by reporting two separate incomes of $50k each (thus falling into lower tax brackets for both 'halves' of their total income than the tax bracket which actually applies to the full amount of income).

    THIS is the reason that my accountant forbid me to work in California since the employee dancer law was passed. However, since I did have dozens of sources of independent income from clubs and magazines and websites from lots of different states (and even from foreign countries), my ability to report California tip income as yet more (sole proprietor) business income would probably have gotten 'lost in the mix' (in other words, although still not legal, the odds of drawing IRS / Cal FTB attention would have been fairly low). However, if you only work at one or two clubs, and both of those clubs are in California, and both of those clubs treat dancers as 'statutory employees', attempting to report California tip income as income from a separate business venture is virtually guaranteed to draw negative attention from the IRS / Cal FTB !

    Since my mortgage is currently interest only ( I will refinance soon), I get to write off the interest, which will be very nice.
    I don't mean to be the bearer of bad tidings, but you 'thinking' that you will refinance soon may not match up with the reality of actually being able to refi a California house based on an income derived from 'stripping'. Based on various SF real estate blogs, it would appear that market prices of SF area real estate have declined by 15-20% in the past couple of years. Thus if you have an interest only ARM, and assuming that you bought a near to median priced home a couple of years ago for $500k, and further assuming that the market price of that home has now dropped to $400k, in order to even think about a re-fi you'll be expected to pony up $100k in cash to cover the negative equity 'gap' between the outstanding balance of your mortgage and the current market value of the property.

    Even if you do have the $100k in cash to pay off the negative equity 'gap', you then have the matter of applying for a new $400k mortgage. Current regulatory guidelines call for lenders to treat you as a 'subprime' borrower due to your income being derived from a business they consider to be risky and unreliable - meaning that they'll expect you to pony up at least a 20% down payment. Thus in addition to the $100k in cash needed to pay down your existing mortgage balance to the point where the amount owed on the mortgage equals the current market value of the property, you'll also be expected to pony up an additional $80k as the 20% down payment on a new $400k re-fi mortgage. Throw in another $20k or so in fees and closing costs.

    Thus you're likely to need to come up with $200k in cash in order to actually refinance your existing interest only ARM !!! I would start researching this immediately, because being stuck with your existing ARM resetting could be EXTREMELY expensive !!!
    Last edited by Melonie; 09-16-2007 at 09:52 AM.

  11. #11
    StrayStripper
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    Default Re: Dolla bills, ya'll --Warning.. LONG--

    Quote Originally Posted by Yekhefah View Post
    I want to know where the hell you're working in California where you make $8000 a week.
    It'd be sweet to have a shift average of $1600.

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    Default Re: Dolla bills, ya'll --Warning.. LONG--

    ^^^ well it's not so sweet when you only get to keep $950 of that $1600 a shift after federal and state 'statutory employee' taxes

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    Default Re: Dolla bills, ya'll --Warning.. LONG--

    If this is not legal, as my acct told me, then it could get me into a lot of trouble, and I don't want that!
    Actually, where the clubs are concerned, they take no legal risk whatsoever. Whatever you as the 'statutory employee' tell the club is your 'tip' income for the night gets added to the club's salary and percentage payout, gets run through the club's payroll system, gets reported to the IRS as being your 'official' income, has taxes withheld etc. Thus any attempt to report additional income at the end of the year that was not reported to the club as 'tip' income - by definition - must be coming from another source. If that other source doesn't actually exist, then it is the dancer's problem re the IRS and Cal FTB and does not involve the club at all.

    Talking out of school, from the clubowners' standpoint, it is in the club's best interest for dancers to report as little 'tip' income through the clubs' payroll system as possible. Every dollar of additional reported 'tip' income forces the club to pay out a larger dollar amount of 'employer's SSI tax, plus a larger amount for state unemployment and workmen's comp premiums. But attempting to report additional 'tip' income at the end of the year as the proceeds of a totally separate business venture not involving the club that really doesn't exist can be construed as fraud. I suspect that this is the area in which the club's accountant was tiptoeing by having you sign a form for underwithholding of estimated taxes. Paying estimated taxes and penalties for underwithholding of estimated taxes - by definition - means that you are involved in an independent (sole proprietor) business venture ... which doesn't really exist in your case !

    But to avoid the potential fraudulent second business problem, the dancer must either stick with the amount of 'tip' income that she actually reported to the club - which is also illegal plus pisses off the IRS and Cal FTB much more than the non-existant independent business venture (at least with the independent business venture the IRS and Cal FTB get paid additional tax money) - or report ALL of her 'tip' income to the club on a nightly basis so that it can be correctly accounted for via the club's payroll system.


    As far as my housing.. I actually bought in the Oakland hills. I bought last year, and although I had done my research, I still overbid on my home.. AND i was the only bidder. LOL. so even tho my agent in a sense 'screwed me' by trying to get her added commission (what a stupid move on her part. If she had gained my trust, I would have bought more property using her.. but now I'll never use her again), I checked the other comps on the same condos in my area, and they've actually appreciated by about 20k. Not a HUGE amount, but atleast they haven't dropped in price. I am locked in for five years at 7.3 percent. Again, not a great interest rate.. but not too bad, compared to others I've seen. My second mortgage is around 10, which fluctuates. When I bought my home a year ago, man, was it easy to get approved. This year, tho.. things have really changed.
    You're definitely one of the lucky California few if the resale value of your property hasn't dropped so far. However this is no guarantee that it won't drop in value over the next year or two as more and more ARM mortgages force more and more California homeowners into bankrupcy, which will result in more and more distressed sales and auctions.

    Given that you are stuck with a pre-payment penalty for another 4 years on a 7.3% primary mortgage, it is only logical to go with the flow on this mortgage. It is highly doubtful that you could obtain a re-fi loan with an interest rate anywhere near 7.3% ! Where your secondary mortgage is concerned, I can only assume that this 10% ARM was written as a 'silent second' in order to cover the down payment requirement of the primary lender. I would check to see if pre-payment penalties apply to this second mortgage (I'm guessing that they do not since it is an ARM).

    If there are no pre-payment penalties I would not worry about building up large savings or investments, and would instead start trying to pay down your second mortgage as fast as possible. This will accomplish three very 'good' results. The first would be to clear the decks four years from now when the time comes to re-fi your primary mortgage by eliminating the 'silent second'. The second benefit would be to build equity in your home to the point where that equity can serve to satisfy a good portion of the future down payment requirement when the time comes to re-fi and/or serve as 'insurance' against a future decline in assessed value putting your existing mortgages underwater from a standpoint of total outstanding balance vs equity. The third of course is to maximize time value of money in your favor by paying down this expensive 10% variable interest rate 'silent second' (which could easily rise to an even HIGHER interest rate as the economy goes to hell) as quickly as possible.
    Last edited by Melonie; 09-16-2007 at 06:52 PM.

  14. #14
    Yekhefah
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    Default Re: Dolla bills, ya'll --Warning.. LONG--

    Quote Originally Posted by Melonie View Post
    ^^^ well it's not so sweet when you only get to keep $950 of that $1600 a shift after federal and state 'statutory employee' taxes
    Actually, $950 a shift after taxes still sounds pretty effing sweet to me.

  15. #15
    StrayStripper
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    Default Re: Dolla bills, ya'll --Warning.. LONG--

    Quote Originally Posted by Yekhefah View Post
    Actually, $950 a shift after taxes still sounds pretty effing sweet to me.
    Yeah, $250,000/year is the fluffiest cloud in stripper heaven. It's attainable if you are a feature. Features (with some fame) get paid between $5000-$8000/week. When Tera Patrick featured, she was paid waaaaayyyy more than that.

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    Default Re: Dolla bills, ya'll --Warning.. LONG--

    apparently without being a feature, the OP makes that much typically.

    i guess by law of averages there have to be a few non-feature dancers who do...

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    Default Re: Dolla bills, ya'll --Warning.. LONG--

    Quote Originally Posted by StrayStripper View Post
    Yeah, $250,000/year is the fluffiest cloud in stripper heaven. It's attainable if you are a feature. Features (with some fame) get paid between $5000-$8000/week.
    I'm not even that famous of a feature and I can make money around that ballpark on a consistent basis. It's hard effing work, but it is possible.

  18. #18
    StrayStripper
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    Default Re: Dolla bills, ya'll --Warning.. LONG--

    Quote Originally Posted by gingerlee View Post
    I'm not even that famous of a feature and I can make money around that ballpark on a consistent basis. It's hard effing work, but it is possible.
    The OP claims to make $8,000/week or $400,000/year doing dances/VIPs in San Fran, CA. $250,000/year is what she would clear if she files taxes correctly. Unless a girl is working in NYC or Vegas where access to the super elite baller rich is right at her fingertips, I have a difficult time grasping how a stripper can make that cleanly and consistently ... unless she has plenty of suckers like , which, you know, is possible.

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    Default Re: Dolla bills, ya'll --Warning.. LONG--

    Quote Originally Posted by StrayStripper View Post
    The OP claims to make $8,000/week or $400,000/year doing dances/VIPs in San Fran, CA. $250,000/year is what she would clear if she files taxes correctly. Unless a girl is working in NYC or Vegas where access to the super elite baller rich is right at her fingertips, I have a difficult time grasping how a stripper can make that cleanly and consistently ... unless she has plenty of suckers like , which, you know, is possible.
    Yeah...I just don't see that happening on a regular basis either, and I've been all over this country. If she is I sure as hell won't feature anymore, I'll go work there!

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    Default Re: Dolla bills, ya'll --Warning.. LONG--

    the OP hasn't said what kind of contact she provides for her earnings level. she could have a slamming talk-based hustle, or she could be doing high contact dances. ages ago a chick posted about working in SF at a high contact club and doing bunches of 60 and 80 dollar dances, and that the heavy contact was getting to her.

    but i also remember quite clearly that dancer made 1k a shift as something to expect.

    if it was like, san antonio, i'd be more prepared to call troll, but it is sf, and that can be a high contact town with equally high earning potential.

  21. #21
    StrayStripper
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    Default Re: Dolla bills, ya'll --Warning.. LONG--

    ^^^
    Posts about earnings typically get our attention. Lots of girls lie, either to make others feel bad or pretend to be something they are not. This doesn't seem to be the case with you. The reason I gave you a hard time was that your average seemed infeasible to me. It seems like it could be possible after you explained it.

    Most girls on SW are accepting of contact as long as it is within the mean of the club.
    Last edited by StrayStripper; 09-18-2007 at 02:00 PM.

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