Tanner Fox REVEALS How Much Money He Made Selling Fidget Spinners!!🤯😱 #shorts

Tanner Fox was a guest at romanatwood's podcast and he said that he sold over 75,000 fidget spinners!!🤯😱

[ipoopsie]

The fact that people bought those for $20 is laughable

[issanadeem]

He bought them all for 187, 500
Sold them for a total of 1.5 million
Made a profit of 1, 312, 500 dollars

[mfsunys]

Back when they would promote fun toys instead of gambling

[SidShiesty]

Bro the investment in total was 187, 000 the return is crazy lol

[CalmingWinds]

Marketplace cut is around 30%, plus shipping and packaging. Take home at the end of the day is about 30%

[bj_arn_e]

This video got everone pulling their calculators out 🤣

[TME_Doomsday]

"I don't even know what the math is" tells you everything you need to know

[heydavis]

Congrats on taking full advantage of the craze! Well done Brother! 😎👍

[MattKismet]

$1.3m is insane, that’s an incredibly smart move

[thalateye]

The IRS peeking from the corner like 🕵️

[Gettingbetter]

1.3M … after taxes (assuming 50% just to be conservative, Nevermind the s-Corp type, or pass through entity, wage v cash distribution model please) - that’s 656k in the bank.

What to do?
Downpayment for a house? (You would have a mean mortgage)
Buy a car(s)? No.
Buy a Rolex or two? Sure.

Reinvest in the bizz? Yes
Or invest in stock and bonds? Yes.

[Carmen.]

Forgot about Tanner for a hot minute there, great throwback

[vinniekoltes]

1, 312, , 500 raw numbers - just in case anyone didn’t do the math - not including shipping and packaging cost which would probably cost around 150k - plus time invested and so on …

[jimmyconner]

1, 312, 500 profit is hitting a lick 😅

[kingbob]

It’s about 1 312 500$ if anyone’s wondering

[lushen]

This excludes a lot of other costs....

[wbrycec]

1.3mil isn’t even gross, there’s more COGS expenses like shipping. His net income at the bottom that he got to take home was probably around $600k ballpark number. Remember, as a business owner *YOU* pay 6.2% social security and then 1.45% Medicare… but then *ALSO* buy *ANOTHER* 6.2% as the employee of the business and 1.45% Medicare. These are the double taxes of self employment, then the state taxes for the business and federal taxes for the business, then more taxes as the individual getting the money from that business. Running your own operation is very difficult

[badteenz]

1, 500, 000 if anyone was wondering lol and he made 1.3 million in profit

[zackhayes]

Imagine buying a 20$ fidget spinner … oh wait 100% of his consumers are under the age of 10

[MeneerHerculePoirot]

The following applys to Federal income tax only. State/local are different, but must be taken into account.

Ok, he's a sole proprietor. That means he has to file a standard 1040 form, Schedule C and form SE. After taking all deductions for business related expenses on Schedule C let's put his legit expenses at 50, 000. That leaves him with an income of 1, 262, 500.00.

Multiply that amount by .9325. That's an amount of 1, 177, 281.35. That amount is in turn multiplied by .153 for Social Security taxes. SS tax amounts to 180, 124.31. Subtract that amount from 1, 1, 177, 281.35 - 180, 124.31 = 997, 156.94.

Then you carry 997, 156.94 to the standard 1040 as taxable income. Then all deductions on form 1040 apply. You're taxed on personal income from that year. You can't average it out over several years. I'd estimate after all levels of taxes he's cleared probably about 700-750, 000.

Keep voting Democrat guys. 🙄