If you want to earn the equivalent of a $40,000 salary as a freelancer, your hourly rate still needs to account for taxes, expenses, downtime, and non-billable time.
Freelancers need to account for taxes, business expenses, unpaid time off, admin work, and gaps between clients. A common planning rule is to increase your salary target by 30% to 50% before calculating your freelance rate.
Even at a $40,000 income target, freelancers need to price carefully because billable hours are usually lower than total working hours.
This calculator is useful for freelancers, consultants, and independent contractors who want to estimate a sustainable hourly rate from an annual income goal.
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