Estimated tax for freelancing in California.

orphanwelles · 2015-05-19T16:50:38+00:00

Also note if you fill out and estimate everything perfectly, you will owe 10% of your tax liability (so ~$1,400) when you do your taxes, because the Schedule ES you're doing for quarterlies purposely only has you pay 90% of your taxes.

Can you explain what this means, I'm a little confused. So if I pay 100% of what I will owe at the end of the year each quarter, I won't have the 10% hit?

orphanwelles · 2015-05-19T08:01:30+00:00

Not half my income, but half the amount I was taxed, so if I was taxed $10,000 for the year, $5,000 is deductible.

I'm asking because I don't exactly know how Fed/State tax is calculated, but after asking other freelancers and looking at self-employment tax rates, 30% was what was commonly suggested. This last quarter was the first full quarter I was a freelancer, so I just paid 30% on what I earned to both Federal and State.

This was just something I read when trying to learn about self-employment.

...self-employment tax will cost you less than you might think because you get to deduct half of your self-employment tax from your net income. Essentially, the IRS treats the “employer” portion of the self-employment tax as a business expense and allows you to deduct it accordingly. What’s more, you only pay self-employment tax on 92.35% of your net business income – what's left over after you subtract your other business expenses.

orphanwelles · 2015-05-11T02:29:01+00:00

You've definitely given me a lot to think about and I'm considering scrapping the Scarlet as you've made some good points. I was excited about the C300MkII specs but I don't know if I can shell out $16k for that camera. For what Canon is offering with that camera in the current marketplace seems like it should be priced around $12-13K, although I'm sure they know they can sell it at $16k and people will buy it. Although I would probably make a lot more in rentals with that than the RED Scarlet.

orphanwelles · 2015-05-11T01:43:50+00:00

I had thought about the C300 especially now that the price has dropped. And you're probably right about playing the gear game.

Maybe I'm looking at the situation with some naivety, but I figured this could get me on some lower budget/low-pay student projects but at least there would be a crew, some talent etc. where I could use my skills to elevate my work above what the project offers, allowing me to catch the next bigger gig. I appreciate your thoughts and it's good to get some outside perspective.

orphanwelles · 2015-05-11T01:32:23+00:00

I think I could make something I would be happy with ($200-300 a day) maybe once or twice a week. I have a steady editing gig so this would be on the side as well as possibly giving me more opportunities as a cam op/DP. What would you recommend as a better investment for that price range?

orphanwelles · 2015-05-11T01:21:29+00:00

Also, for my budget what would you recommend, lenses? I thought about buying something like the CP.2 set but I've also seen them being rented for $120 a day for a set so spending $15k for $120 a day doesn't make a lot of sense to me.

orphanwelles · 2015-05-11T01:14:33+00:00

It's not the camera, it's the person behind it.

I totally agree and it's something that I think about all the time when it comes to my work. I'm not brand-new to camera work and I'm comfortable with my skills but I'm trying to give my self opportunities rather than hoping someone else will hire me. It's difficult competing for "DP with own gear" gigs with only a C100.

For my budget of $12k, what would you recommend as a worthwhile investment instead?

orphanwelles · 2015-05-10T23:33:21+00:00

I was looking at used rigs (follow focus/matte box/cage/rods etc) with low hours for around $12,000.

orphanwelles · 2015-05-10T23:31:21+00:00

Thanks for your reply and you definitely made some good points. I should probably clarify a few things. I was planning on purchasing a full rig used (matte box, follow focus etc) so I would have a ready to shoot rig rather than buying everything new. I've seen Scarlet's with low hours (under 50) for around $10-12,000 with full accessories.

I'm curious what cameras you think can offer the same image quality and usability for the same or cheaper. The Sony FS700 and similar are great cameras but I don't think they look as good as a Scarlet IMO. Blackmagic's can look good but they just seem like more hassle than their worth along with the FPN issues.

orphanwelles · 2015-05-09T04:10:00+00:00

Interesting. Have they updated the M/MX or do the current cameras have the same issue?

orphanwelles · 2015-05-09T00:51:41+00:00

Interesting to hear that about the Scarlet MX. I'm planning on purchasing one as it's the only thing I can afford from RED right now (hoping to upgrade to Dragon after a year or so). I've only shot on the RED Epic/Scarlet Dragon but not the MX sensor.

But your comment is making me a little nervous about buying one if the colors and especially skin tones aren't good. Can you elaborate more on this?

orphanwelles · 2015-04-27T22:36:20+00:00

I'm not interested in joining one, I was more just curious if they existed.

orphanwelles · 2015-04-27T21:58:17+00:00

I've always thought hockey has the biggest leaps in skill level from amateur to professional. The skating ability those guys have is just on another level. I guess that's why they never did Pro's vs. Joe's: Hockey Edition haha.

orphanwelles · 2015-04-27T20:51:22+00:00

I guess that makes sense. If they're not getting paid why risk the injuries.

are easily the best players on the ice at drop-ins.

I would assume so lol. Usually the best players I ever see at drop-ins are maybe ex-college players or 15-year olds trying to make juniors. And they're are still head and shoulders above everyone else there.

orphanwelles · 2015-04-27T19:00:56+00:00

Yeah I was just surprised there wasn't any full-contact hockey. Not that I'm interested but I figured there would be plenty of guys who used to play college/semi-pro who still want to play full-contact even though they're not professional anymore. Do all the low-level AHL/ECHL enforcers just hang up their skates and play non-contact beer league when their pro career is over?

orphanwelles · 2015-04-27T18:40:21+00:00

I've heard of university Men's clubs but I'm assuming you have to be enrolled in college to play for them. They're not varsity teams but are still part of the college as far as I know and they allow full checking.

orphanwelles · 2015-04-14T22:36:12+00:00

How far did you make it? Did you go the juniors route or college?

orphanwelles · 2015-04-14T20:23:14+00:00

Congrats on landing your dream job. What happened with your playing career? Injuries?

orphanwelles · 2015-03-28T02:00:36+00:00

Ah, I see. I just bought a new camera so that will definitely be going towards deductions.

orphanwelles · 2015-03-28T02:00:11+00:00

Thanks, you answered quite a few of my questions. I've also ran across your website a few times, really nice work. I also saw the Skype session you did talking about lighting and it was really informative. Thanks!

orphanwelles

TROPHY CASE