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Salaries

What % padding should you add to your W2 hourly rate to figure out a good freelance 1099 rate? This in NYC if that helps

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Decent rule of thumb is 1% your salary. 80k/year = 80/hr.

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I don’t agree with that formula. I’d never get 1% of my former salary, per hour

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Then you ain’t hustlin’.

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If you're getting a W2, then you're immediately saving 7.5% ish on self employment tax, since the employer has to pay that portion. So, if nothing else, take that amount into account for any lesser rate than you get as a 1099er. But also remember you can't deduct as many business costs either.

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