Extract image, create new layers to edit

Hello Everyone

bit of a stupid question, just can't figure it out. I have a logo that was created for me in .eps format. Basically a black graphic on a transparent background. I'd like to open it in Photoshop and extract the black image, create a new image with layers, so that I can colorize the black graphic, as well as have a colored background. But when I use the magic wand tool and copy/paste the graphic to a new file, even with the background as it's own layer, when I use the paint brush it colors everything. Can't figure out what I'm doing wrong.

Any help greatly appreciated!
Trevor LocalAsked:
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Try this:
After you paste the graphic use the magic wand tool to select only the graphic (make sure the active layer is the one where the graphic is) then select the color you want to use to color it and then use the paint brush over the selected area. Doing that you're supposed to get color only inside the selected area (your logo)
Hope this helps

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Trevor LocalAuthor Commented:
worked like a charm!
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