March 2016 Income Report
Note that unless otherwise specified, all amounts indicated are pre-tax. Note also that payments are indicated in the month they are received, not in the month that work is completed. Parenthesis show change from the previous month.
Affiliate Revenue – $128.08 (+$55.82)
Airbnb – $982.00 (+$613.00)
Award Bookings – $1,209.08 (+$453.91)
Cash Back Promotions – $1,348.60 (+$975.86)
Freelance Writing – $1,875.00 (+$581.22)
Misc. – $72.00 (-$74.65)
Substitute Teaching – $161.00 (+$161.00) (this was my tax refund from 2015 and since sub teaching was the only job where I had taxes withheld, it all came back here, I didn’t actually do any sub teaching during the month of March.)
Travel Agency – $0.00 (-$20.50)
Tutoring (online) – $37.55 (-$455.65)
Total: $5,813.31 (+$2,290.01)
March 2016 Reflections
This year keeps looking up and up! I landed another regular freelance writing gig which gives me more consistency than I’m used to, a welcome change. I had also been home for the majority of the month of February so I took on a lot of award bookings then. I’m paid for February in March for that project, so that gave that category a nice boost this month. Online tutoring has been down significantly over the past two months, but I am spending more time working on projects with higher per-hour rates which leaves me less time to tutor. It’s still a nice fallback to have though because I’m sure the less busy months will come again! The last notable income-related item from this month is that a client that I did work for in November of 2015 finally paid me for that work. Needless to say that I will be revisiting that relationship before moving forward.
All in all, March was a great month! Even considering that my taxes are higher than they used to be because of the pesky self-employment tax, my income this month is actually higher this month than when I was working as an engineer… for the first time since I left my job almost exactly two years ago! It’s been a long road so far, but things are looking pretty good!
I was also mentioned in an article this month about becoming a digital nomad – check it out!
Is self-employment tax different than Obamacare? I assume you’re on <26 parental insurance.
I am still on my parent’s insurance for another year and a half ish, glad to not have that expense right now! Self-employment tax is essentially the other half of Medicare/Soc. If you are employed by someone, you pay half and they pay half (7.65% I believe). When self-employed, you are responsible for paying both halves… so 15.3% total (I believe). Definitely adds up!
When you are in town, we could sit down and I’d be happy to explain how to legally not pay self employment tax.
That sounds great! I’ll be back in early May – I’ll let you know then and hopefully we can set something up!
How do you get income from Award Bookings and Cash Back Promotions?
I do award bookings for Award Magic and am paid on commission. Cash back promotions generally have to do with credit cards – I don’t cover that material on my blog anymore but I would recommend checking out pointchaser.com and frequentmiler.net for more details.
Cash back promotions of 1350? How much credit do you have to pull to score that?
Cash back promotions can cover any number of things including but not limited to sign-up bonuses, credit card cash back, shopping portal cash back, bank bonuses and anything else that technically fits under the ‘cash back’ category.
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