how do you change color of an event in a calendar in ical

this is not color tagging of events... thats color of the calendar it self... google calendar allows you to change the color for each meeting with in the same calendar.... This is also the case in MS Outlook. iCal will only allow you to change the color of all events to the same color in one calendar which means you have to have multiple calendars to have multiple colors... what a cludgey process...

I shouldent have to have a calendar for peoples days off to have them in one color, a calendar for people covering shifts that they dont normally work so i can put them in another color, and another calendar for normal shift shift schedules and one last one for requested coverage which hasent been covered... this requires four calendars in iCal to accomplish were in Outlook or Google this is one calendar...