Reconciling my OCD with this month's payment :)
Posted: Fri Aug 01, 2008 8:03 pm
Okay, first I just want to say I am thrilled at the fact our new management pays right on the first of the month :)
However, this month when I plugged in my Paypal fee the numbers didn't add up. Yes, I have an Excel spreadsheet where I break down the C-C cut, Paypal cut, what I need to set aside for taxes, and figure out what I make hourly.
If any of you are also trying to figure out why the fee is higher this month here is what I figured out: I have a Premier account and I am based in the United States. Since the new constant has taken over, the account is now not in the U.S. (they are based in Canada I believe :) ) so the lovely people of Paypal are now charging an extra 1% because of the border. So the new formula for American writers to figure out how much you make is:
Amount you make for the article = (Price you set it at X .65) - [0.039(Price you set it at X .65) + $.30]
To calculate the price you want to set it at, because the amount you want to make is known the formula is:
[(The price you want to make) + $.30 ] / .62465 = the price you should set the article to.
So, say I want to make $100 for full rights, I need to price it at $160.57.
$160.57 times 65% equals $104.37. Then, Paypal takes 3.9% of $104.37 or $4.07 plus an additional $0.30 or $4.37. Thus leaving me with my $100.
However, this month when I plugged in my Paypal fee the numbers didn't add up. Yes, I have an Excel spreadsheet where I break down the C-C cut, Paypal cut, what I need to set aside for taxes, and figure out what I make hourly.
If any of you are also trying to figure out why the fee is higher this month here is what I figured out: I have a Premier account and I am based in the United States. Since the new constant has taken over, the account is now not in the U.S. (they are based in Canada I believe :) ) so the lovely people of Paypal are now charging an extra 1% because of the border. So the new formula for American writers to figure out how much you make is:
Amount you make for the article = (Price you set it at X .65) - [0.039(Price you set it at X .65) + $.30]
To calculate the price you want to set it at, because the amount you want to make is known the formula is:
[(The price you want to make) + $.30 ] / .62465 = the price you should set the article to.
So, say I want to make $100 for full rights, I need to price it at $160.57.
$160.57 times 65% equals $104.37. Then, Paypal takes 3.9% of $104.37 or $4.07 plus an additional $0.30 or $4.37. Thus leaving me with my $100.