Originally Posted by blessedmess8:
Sure! (I was confused at first, too!) It is still a weekly rate.Here's the math: Say your rate is $100/week. There are 52 weeks in a year. You want to go ahead and figure in 2 weeks of unpaid time off for yourself. Instead od multiplying $100/week by 52weeks to get a yearly rate, you would multiply it by 50. So, that's $5,000 a year and parents can pay it out weekly at a rate of: $96.15/week. (That's $5,000 divided by 52 weeks.) Basically it is just figuring in your unpaid time off so that you can close when needed and not take a hit in income all at once. I told my parents I would keep a log of days I closed and if for any reason I went over the 2 weeks, I would deduct it from that month.
Does that make sense??
I wouldn't do that. It's upside down. In your scenario you are better to take the 100 dollars a week and put away $3.85 per week per kid and have that to use for the two weeks of vacation.
If you discount the parents THEY are keeping the 3.85 per week and you are relying on them to be willing to give that to you at the point where you take a vacation. I would rather keep it myself and put it away and not charge them for the two weeks off.
You never know when they are going to leave. If they leave before you take the time you will have given them a 3.85 per week vacation discount and you don't get the pay from them when you do take it.
I charge the same rate 52 weeks a year and take off 18 days. I also accrue paid time off at 1.5 days per month. If the kid leaves before I take my set vacation time the parent pays the unused portion of the PTO.