Taxi Economics I

My wife finally succeeded in making me sit down and do our taxes.It's something I've rued and not wanted to do, what with my wages from "Children's Services" that ended in June, the couple of thousand I got from the union annuity fund, the pension loan I never repaid, the paltry pension itself, the insanitizing work sheet the IRS has for all that - it all seemed a very complex mess even to organize it and bring it to someone else to "do" so now that I've organized it I'm "doing" it myself.

In figuring out the self employment bit I came upon some rare knowledge - what I have actually been paying not to lease a taxi per shift, but that part that is strictly for the medallion. While my receipts show a sales tax of $3.18 every night I work, the lease itself varies and averages out for me to $126 per shift. Obviously the variable is not the car(s) although they vary greatly. By deduction the variable must be the medallion, though they all are pretty much the same, their market values fluctuate throughout a week, pricier on Friday night, cheaper on Monday night and so forth.

I called up the calculator on my old Dell and figured it out. - On average I rent the car(s) - different each night- for $37.97 per shift average. Then there is the sales tax - $3.18 every night, leaving an average nightly medallion lease of $84.85.

This is a lease by the shift. Other deals have slightly lower per shift costs for the medallion, but you get the idea. Gas averaged $35.00 a night. Let's say my gross, tips included, more or less (for me a slow old man, it's a bit less) matched these expenses. That would be about right. Probably if I were younger, stronger and less scrupulous I could make more. Before the last fare increase of late November TLC was saying the cabbies made an average of $150 profit per shift. I don't know what their figures are for now.




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