{ "media_type": "text", "post_content": "I have been in full time permanent work my entire career. If I were to transition to a full time contract role where I’m paying for everything, what is a formula I can use to calculate the salary I want if I’m trying to get a 25% bump in my total compensation? Ex - if I currently make $100k as a permanent fte and my next job I want to make is $125k but I go from permanent to contract work, what is a suitable figure to ask for? Need to calculate paying taxes and the benefits I would be losing.", "post_id": "61aaae5e27ebb4003d0deb94", "reply_count": 3, "vote_count": 1, "bowl_id": "5ae4a4f739e7cb001391ec8b", "bowl_name": "Consulting Exit Opportunities" }

I have been in full time permanent work my entire career. If I were to transition to a full time contract role where I’m paying for everything, what is a formula I can use to calculate the salary I want if I’m trying to get a 25% bump in my total compensation? Ex - if I currently make $100k as a permanent fte and my next job I want to make is $125k but I go from permanent to contract work, what is a suitable figure to ask for? Need to calculate paying taxes and the benefits I would be losing.

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Don't know if there is a fixed ratio because there is a mix of fixed (e.g., health insurance cost doesn't scale with income) and variable (social security does, within limits).

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Probably around $150k, but I don’t know the formula. At least an extra $1000 a month for healthcare

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Thanks. I talked to a family member who used to be in management who dealt with hiring 1099 ppl and she said the general rule of thumb was to add 45% to the hourly rate. This would/should cover insurance, vacation, etc. She said it used to be 38% but now it’s around 45% due to inflation.

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