I am a Wyzant tutor and the experience has been great. So many whiners on here. If you feel 40% initially is too high, why not build your own site, manage it, market it, collect your fees, deal with charge backs and customer complaints, reply all the thousands of clients you will get, collect on bad checks... you get the message. We live in a society of whiners who will complain if they won a million dollars in the lottery.
Why would any parent be concerned about how much a tutor is getting paid? The client has already committed to paying that amount so who cares. I hope no whiners on here completed college because that would be so sad. With your degree you should be competent and resourceful enough to build your own tutoring company and pay tutors 100% while paying for marketing, payroll etc. Go ahead and try it.
I prepare for my lessons, tutor students in my local area through Wyzant, receive my earned income and love what I do. If I could build my own site I would have. Obviously I can't that's why I signed up with Wyzant and they're great.