felixleiter said: "While the overall sentiment of what you posted is something I agree with, I just want to make some corrections;
Agent fees are regulated by Equity and limited to 10% of an actors salary, not 15.
Managers are not regulated, but many many actors do not employ managers since most of the services provided by managers are aready provided by their agents. 15% is the standard, but again, not all actors employ managers.
Also, unless we are talking about actors who are receiving payment from their employer through an LLC or similarly structured individual corportation, Union work performed on Broadway and across the country is W2 work which is by definition not self emplyment, so the taxable wages would be different.
Alex Kulak2 said: "quizking101 said: "While it appears “solid”, the number is before things like taxes, union dues, and agent fees. The take-home is likely MUCH lower. Couple that with the fact that the money is only coming in as long as the show is running and you find many actors taking up a side hustle or a survival job to make the ends meet."
If anyone's interested in how the numbers break down:
Last season on Broadway, there were 21 musicals (both originals and revivals) that opened. Only 4 of them (Outsiders, Gatsby, Hell's Kitchen,andCabaret) are still open. So let's say you got lucky and were cast in one of those four shows that have run for a year. If you're making the equity minimum, you are taking in $137,176 a year. Not too shabby. Only now, you have to take off 15% for your agent, 15% for your manager, and 2.5% for your union dues. That takes you down to $92,594. Still, not too shabby. Only now, you have to pay taxes, and since you're considered self-employed by the IRS, you have to pay $28,334 out-of-pocket.
Final tally, if you are a Broadway actor, and your show manages to last a year when 81% of shows don't, you're looking at taking home a little over $64,000 a month, to live on, in the most expensive city in the world."
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Thanks for the corrections! Taking out the manager commission, reducing the agent commission, and using W2 tax rates as opposed to self-employed, the take-home pay rises to just under $80.5k. A bit closer to a livable wage in New York, but there's still the big contenders of the city's insane cost of living and the short lifespan of most Broadway shows.