Was recently laid off and going to try freelancing until I find something full-time. I've never done this before.

How do you guys come up with your rates? What do I need to know from a tax standpoint?

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Posting as :
works at
You are currently posting as works at

always save 30% from each paycheck for taxes

likehelpful

Definitely push it to 40 if you can

likesmart

There’s a freelancer bowl for these questions.

likehelpful

Thinking of doing the same. We’ll get through it!

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So sorry 🤍🤍🤍

Wish you all the best. I also wonder the same

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Thank you 🫶 This is my first layoff. It's been a rough couple of days.

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Decent book for freelance newbies “Freelancers Guide to Freelancing” for advertising folks on Amazon.

Find freelance CWs and recruiters in your market area and ask them what they charge. For NYC, LA and SF a mid CW is around $400-600/day and SrCW $500-800/day. All depends on agency size, your work/exp and the market which is 💩

As someone said try to ask the recruiter the rate range, timelines, and deliverables in the first exchange.

For taxes save 25-30% of your paycheck when 1099. Find a tax person in your state that’s dealt with freelancers. You can also try Brasstax online they might service your state.

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I always ask what their budget and projected hours are first and bill according to what I need to make to survive. Look up the going rates for your field first, but I always push toward the top of their budget. Position yourself as an expert that they absolutely need to have on board in order to succeed.
As for taxes, I have a spreadsheet to track my weekly hours, pay, and required taxes for each of my gigs. When each paycheck hits, I store 30% away in my HYSA so my tax money can make money.
Talk to a tax expert, but I’m paying estimated quarterly taxes based on what I made that quarter. This is my first year, so I don’t have feedback on how that will play out next tax season.

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