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1099's and Gross Commission Income
Manage episode 152501384 series 1061374
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Did you make what you thought you would this year? By now, the majority of you have received your 1099 forms. It’s important to know and understand the numbers.
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Did you make what you thought you would this year? By now, the majority of you have received your 1099 forms. It’s important to know and understand the numbers.
Let’s use the example of a 10 million dollar producer. That means your production volume is $10,000,000. At the average 3% commission rate, you’d earn $300,000 in Gross Commission Income (GCI). However, if you’re affiliated with Keller Williams, you’d pay out a cap of $18,000. On your 1099, you’d see $282,000 going directly to you.
Let’s say you worked for a different brokerage with an 80/20 split. At the end of the year, you earned the same commission of $300,000, but paid a $60,000 in brokerage fee without a cap. Your 1099 would then indicate $240,000 as your income. This number would cause me to ask myself if I paid too much in business expenses.
However, one thing you can’t put a price tag on is office culture! Culture is the way you live your life. An office culture describes how you conduct life with your colleagues. That’s priceless. At Keller Williams, we foster a strong sense of office culture. We embrace integrity and success.
I’d love to talk to you more about our culture. Reach out to me by phone! I’d be happy to chat.
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