How do you translate an on-staff salary with the usual benefits to a freelance day rate? Is there a rough formula? (Any finance or hr people in here willing to help me out?)
Thank you!

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There is no "formula" that's clear cut. It'd be more productive to research the going rates for your level and geographic area then do a proper and detailed math of your budget/financial needs vs potential freelance income and see if you're comfortable trying it.

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