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Is there an easy way to calculate an hourly freelance rate? Say…I wanted to keep an equivalent lifestyle to a $150,000 annual salary, what do I need to make hourly to match that knowing I won’t receive benefits. And should it be higher because it’s freelance?

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Saved this for myself a little while back. Not hourly, but easy to work backwards to it

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I made the bottom comment there, haha. Dividing by 125 is a lot easier and more accurate because freelancers aren’t typically called in when the rest of the agency is off because of a holiday.

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Fulltime salary ÷ 125 = freelance day rate. The hourly is 1/10th of the day rate. $150K fulltime would be $1,200/day freelance, or $120/hour. This is exactly on the dot as to what a freelance ACD should get paid, at least in New York. This factors in sick, vacation, summer and holidays, benefits, retirement, equipment, taxes and gaps between gigs.

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Thank you so much this is perfect!

It should definitely be higher since you don't get any benefits. I would aim for 46 weeks with 35hours per week. Probably around $100 per hour at that rate.

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$100/hr is too low. It should be $120/hour. A fulltimer gets several paid sick days (mandated by law in NY at least), about 12 days vacation, summer Fridays, bank holidays, general holidays, those in-between half days and full days off around big holidays (e.g. the week after Christmas). Add them all up, and a fulltimer really works about 210 days a year while getting paid for 261. A freelancer won’t get paid vacations and days off, so the true maximum they can expect to work is 210 days. A fulltimer also gets a 401(k) match. A fulltimer gets a full health insurance package. For a freelancer to get the same exact coverage on their own (and not a watered-down package), it’s close to $1K a month. Throw in dental an vision, too. Then factor in equipment costs and a bit of padding for gaps between gigs.

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$100/hr * 40 hours per week = $4000/wk $4000/wk * 50 weeks / yr = $200,000 - 20% downtime with no work = $160,000 There you go.

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A freelancer filing $160K on their taxes is very unlikely at $100/hour unless you forego holidays, vacation and sick days, don’t save for retirement, and get dirt-cheap insurance.

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